Bernanke's Childhood Home Foreclosed On
Fed chief hails from one of America's hardest-hit towns
By Kevin Spak,  Newser Staff
Posted Feb 14, 2009 10:47 AM CST
Ben Bernanke listens as Timothy Geithner holds a news conference detailing the administrations plans for the economic recovery, Tuesday, Feb. 10, 2009, at the Treasury Department.   (AP Photo/Lawrence Jackson)
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(Newser) – “This is where it all happened,” says the new owner of a modest ranch house in Dillon, SC. This is the house Ben Bernanke grew up in, and though his family sold it long ago, it’s a tad ironic that it was just bought in a foreclosure sale. A wave of plant closings have pushed Dillon’s unemployment up near 14.2%, the Wall Street Journal reports, and foreclosures have risen accordingly.

Asked about his former home, Bernanke would say only that the Federal Reserve was trying to “increase the demand for all products—including those made in Dillon.” But Dillon hasn’t forgotten its favorite son. When he became Fed chairman, the town celebrated Ben Bernanke Day. “He can stand on his head,” says his 80-year-old uncle, whose investments have fallen 35% in the crash, “but he can’t do any wrong in this town.”