Let me be the first to wish Ben Bernanke’s “green shoots” a happy 5th birthday. I am, admittedly, jumping the gun a bit, given that the big day of that now-infamous proclamation is about two weeks away.
In case you don’t remember, the former Federal Reserve chairman told CBS’s “60 Minutes” back on March 15, 2009 that he was already seeing the “green shoots” of an economic recovery following the financial calamity of 2007-08.
“We’ll see recovery beginning next year,” Bernanke further proclaimed, “and it will pick up steam over time.”
There hadn’t been a TV interview of a sitting Fed chairman in 20 years, and its purpose was made clear when Scott Pelley asked a loaded question: Was the US about to repeat the social and financial experiences of the Great Depression? ...