"Ben Bernanke took the Federal Reserve's portfolio from $860 billion to $3.8 trillion and has been adding to it by printing $85 billion a month to buy bonds and mortgage securities.
If confirmed by the Senate to succeed him, Janet Yellen will have to figure out when and how to stop increasing that portfolio and, someday, to let it shrink without tanking the Mr. Bernanke wrote the first half of the new monetary-policy textbook. It's called: How to use monetary policy to prevent a Great Depression and avoid deflation after short-term interest rates hit zero.
Ms. Yellen is in line to write the second half. It will be called: How to return monetary policy to something near normal without creating the next financial crisis as elected politicians make a mess out of tax and spending policy".
Source: The Wall Street Journal
