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Jack Welch: Bernanke Is a National Hero

By Michael Kling   |   Tuesday, 30 Jun 2009 09:31 AM

Federal Reserve Chairman Ben Bernanke is a national hero and should "absolutely" be reappointed to another term, Jack Welch told Bloomberg.

"They're national heroes for what they did," said Welch, former head of General Electric, referring to Bernanke and former Treasury Secretary Henry Paulson.

Welch credited them for saving the economy. "We are not going down right now. … We're out of the crisis mode," Welch said.

Welch, author of "Straight from the Gut," is regarded as one of the top corporate leaders of his generation.

Asked if Bernanke should be reappointed, Welch said, "Absolutely, 100 percent."

Asked about congressional criticism of Bernanke, Welch said, "Ridiculous, ridiculous. Absolutely political grandstanding."

Congressmen are criticizing Bernanke's role in Bank of America's purchase of Merrill Lynch last year. Some have accused Bernanke and Paulson of forcing Bank of America to complete the acquisition and threatening to oust Bank of America Chief Executive Kenneth Lewis, if he didn't comply.

"I question the appropriateness of their actions and the wisdom of their judgment," Rep. Darrell Issa, (R-Calif.) said at a Congressional hearing.

Although we're past a crisis, recovery will be slow, Welch said. Consumer spending is way down because people have changed their buying habits.

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Federal Reserve Chairman Ben Bernanke is a national hero and should "absolutely" be reappointed to another term, Jack Welch told Bloomberg."They're national heroes for what they did," said Welch, former head of General Electric, referring to Bernanke and former Treasury...
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