This His How An Inside the Beltway Economist Sees the World

Phil Swagel, a professor at the School of Public Policy at the University of Maryland, who was assistant secretary for economic policy at the Treasury Department from 2006 to 2009 and who didn't know money supply was crashing during the summer of 2008, writes this morning in NYT:

As a nation, we will have been fortunate to have benefited from the Fed chairman [Bernanke's] extraordinary efforts over his eight years in charge of the Fed and further privileged to have a worthy successor in Janet Yellen.

He writes this in all sincerity when the economy crashed under Bernanke and the monetary base under Bernanke has positively exploded, leaving a time bomb of  potential money supply growth overhanging the economy. That's the beltway view. The money printers are just great!