The crux of the economy lies on the fundamental theories of economics: the rational consumer theory that declares all consumers rational and that the consumer will save money during good times and spend during bad, the debt/fiat money theory that the metric of the dollar is sound, and other such theories. Finance uses these theories to run money, so it is important for economics to use theories that are susceptible to the financiers wishes. It was of course bankers, and not economists, who created the Federal Reserve system when a group met at Jekyll Island. Basically the "science" of economics is a bastard child of finance, and has no more to do with science than baseball.
When Dr Ben Bernanke, a highly esteemed professor of economics, became the Fed Chairman, he did so knowing full well he was about to become the world's most powerful banker. About 7 years later he relishes in the role. He understands the banking system like Dimon and Blankfein do, and as an economist second. He wants to bail out the banks. He wants to keep the racket going. He wants to make money.
Whatever good intentions exist in the "science" of economics are done away with once bankers and corporate financiers get ahold of the metrics. What policy has helped unemployment? There hasn't been one. The only policies used have kept the Fed's proxy banks afloat so to keep the status quo in line.
Many PhDs in economics are useful patsies. There are math problems that can show demand and price constraints, and "look we can do this and that" and then they go home for coffee and collect their paychecks. Bernanke may have been like this before he was Fed Chair, but once he tasted the power of the bank, he accepted his role and now funnels trillions of dollars to the banks and wipes his hands clean of any other work. Call it economics, call it finance, but more than anything, it is a control system that keep the finance class high on the hog at the expense of everyone else.
His mandates are much different than what is told. The first is to confuse the "rational" consumer. Remember, the market will stay irrational longer than you can stay solvent. Look at the gold miners. How can they be going down still while the bullion has been rising? It is not rational. How can stocks be up? Bernanke is using the dollar to buy into stocks. An economist would have lowered the value of the dollar to increase exports. Bernanke the banker is spending his dollars buying corporate stock.
As scary as economics is, considering it is used as a science but is more of a philosophy, the banking system is worse. The banking system uses economics to get what it wants, and it wants total control of the monetary system. Bernanke has switched from being Dr Bernanke to Mr Chairman, and as a banker, the world's most powerful, he will bring in the system of total banking control.