When the four living Chairs of the Federal Reserve gathered in New York recently for a roundtable discussion, it was a mostly dry affair. There were several lighter moments, however, including one that was unintentionally illuminating. Moderator Fareed Zakaria, marveling at how the Federal Reserve balance sheet had exploded from approximately $900 billion to over $4 trillion on Ben Bernanke’s watch, asked him how the Fed was planning to unwind its massive portfolio. Bernanke deadpanned, “Well, fortunately, I don’t have to do it.” As the audience erupted in laughter, he turned to Janet Yellen, who was sitting beside him. “He left that to me,” she quipped, and more laughter ensued.
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