As Mike Shedlock reports over at Townhall.com, The Atlantic‘s cover this month features Fed chair Ben Bernanke smiling knowingly. Emblazoned under his face is the glowing headline: “The Hero.” The cover states, “Ben Bernanke saved the global economy. So why does everyone hate him?”
Well, Atlantic, there’s good reason for everybody to hate Bernanke: the global economy wasn’t saved. Europe stills stands on the brink of fiscal collapse. The American economy is reliant on China holding more and more of our debt. Unemployment statistics are not markedly improving, and prices are skyrocketing on key commodities like oil.
But this is The Atlantic‘s new pitch for President Obama. The magazine wasn’t running articles like this back in October 2008, when Bernanke and then-Treasury Secretary Hank Paulson were busily implementing their bailout and inflation schemes. They waited until Obama was up for re-election to begin talking up the economy and discussing the wonders worked by the bald, bearded guru.
The media understands that the battle over the economy is a battle of perception. And they understand that they must pump up the perception when the reality is unkind to their favored politicians.
There’s another element here, too. The label “The Hero” always implies a villain. Who are the villains? Those who oppose Bernanke’s big-spending, big inflation plans. Yet again, the liberal media seeks to divide the country by making heroes of blundering politicians and villifying those who have a different opinion.