But they seemed to assume that if they got the economics right, popular support would follow. As Mr. Bernanke wrote in his memoir about the Santelli rant, “I remained perplexed that helping homeowners was not more politically popular.”
There’s a reason, of course, that they were in their roles as appointed technocrats and not politicians. But it isn’t clear that George W. Bush or Barack Obama had any better ideas for bringing along the public than did the men they chose to lead financial policy. The crisis response may well have been a Rubik’s Cube of political and economic challenges too complicated to solve.
It was foreseeable, perhaps, that many on the left would view the Geithner-Paulson-Bernanke strategy as too friendly to Wall Street interests. It was also foreseeable that the libertarian right would loathe the bailouts. More surprising were the ways in which some of the biggest beneficiaries of the strategy became vocal opponents.