Saving Professor Bernanke

"Chairman Bernanke helped the president ... steer through some very turbulent times and rough waters," said the White House Monday.

Fine. But was not Ben in the wheelhouse when we hit the iceberg? And never saw it. In his first two years, did he not preside over an easy money policy that fueled the housing boom that created the housing bubble, the popping of which brought on the crisis from which the good professor has helped to save the republic?

If a snoozing camper's unattended fire sets Yellowstone ablaze, do we single him out for honor for alerting the Park rangers and leading a bucket brigade?

The administration's agendas are drawing attention to the profligate spending and the out-of-control debt. The Fed chairman - the Man of the Year says Time magazine - is coming under scrutiny and his reappointment is uncertain. The formerly venerated Federal Reserve has lost its cloak of invincibility and calls for the disclosure of its furtive schemes are increasing.