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October 24, 2005

Fed Chair is Bernanke

I don't get it. Bush barely knows this guy. He's eminently qualified. What'd the administration see in him?

Update: Snark aside, Tyler Cowen's got the goods. Bernanke seems like a sound choice. Given the importance of the Fed, we should be really, really pleased Bush didn't muck this one up.

October 24, 2005 | Permalink

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» Bernanke named as new Fed chairman from The Glittering Eye
Contrary to widespread conjecture President Bush did not appoint his accountant to be the new Chairman of the Federal Reserve. He appointed Ben Bernanke: WASHINGTON (AP) - President Bush on Monday selected Ben Bernanke, chairman of the president... [Read More]

Tracked on Oct 24, 2005 2:47:19 PM

» Bernanke named as new Fed chairman from The Glittering Eye
Contrary to widespread conjecture President Bush did not appoint his accountant to be the new Chairman of the Federal Reserve. He appointed Ben Bernanke: WASHINGTON (AP) - President Bush on Monday selected Ben Bernanke, chairman of the president... [Read More]

Tracked on Oct 24, 2005 2:49:24 PM

» Bernanke named as new Fed chairman from The Glittering Eye
Contrary to widespread conjecture President Bush did not appoint his accountant to be the new Chairman of the Federal Reserve. He appointed Ben Bernanke: WASHINGTON (AP) - President Bush on Monday selected Ben Bernanke, chairman of the president... [Read More]

Tracked on Oct 24, 2005 2:51:21 PM

Comments

Think about it. Who do Bush and the Republicans really, really care about? That's right, their corporate sponsors. The business community made it clear that they weren't going to accept an incompetent crony as the Fed chair, and they're the one group that Bush ALWAYS listens to. It's perfectly ok for incompetent cronies to mess up FEMA, and even the Supreme Court, but they'll never, ever be allowed to mess with big business' money.

Posted by: Rebecca Allen, RN, PhD | Oct 24, 2005 2:14:49 PM

Well, the fed can pretty much screw the whole country, so it's not only "big business' money" that's involved here.

Posted by: Ugh | Oct 24, 2005 3:37:17 PM

I fully agree with Rebecca, but the rumors of Andy Card pineing for the Secy of the Treasury job, and other rumors of a WH shakeup make you wonder if even the CorpCons have enough anti-crony antidote to prevent that disaster-in-the-making from happening.

Once can almost hear Bush saying "Andrew Card is the best qualified person I could find" for Treasury (omitting again the qualifier 'within 30 feet').

Posted by: JimPortandOR | Oct 24, 2005 4:02:48 PM

I wonder about Bernanke. A few years ago, he made an infamous statement about "dropping dollar bills out of helicopters" to stimulate the economy.

Alan Greenspan came from a deep-seated belief that inflation was evil, and that all fiat currencies are fundamentally unsound. He therefore kept a tight rein on inflation and monetary excess. Bernanke seems much more cavalier. Will he do as good a job, or will he be tempted to tinker with the money supply for a greater good?

Posted by: Mastiff | Oct 24, 2005 4:58:18 PM

I must have come to the wrong site. Did Ezra really say something positive about President Bush?

Wow.

m

Posted by: m | Oct 24, 2005 8:04:05 PM

I don't think so m.

Posted by: calmo | Oct 24, 2005 9:57:15 PM

I wouldn't misunderestimate this administration to "muck up" anything. It's never over until all the scandals are unearthed, retrodden, disguised behind death (by war, torture, or drive-by-shooting), flagrated to the press, and finally scorned by the sheeple.

Posted by: Amy | Oct 25, 2005 1:09:37 AM

Well, the stock market will be the ultimate judge. Yesterday it was up 170+ points but give it some time to shake out. If I recall correctly it was shortly after Greenspan was nominated that the last huge crash happened. Speculation was that his nomination was greeted by a great deal of uncertainty which led to instability which led to the crash.

Posted by: Andrew | Oct 25, 2005 11:18:12 AM

Well, the stock market will be the ultimate judge. Yesterday it was up 170+ points but give it some time to shake out. If I recall correctly it was shortly after Greenspan was nominated that the last huge crash happened. Speculation was that his nomination was greeted by a great deal of uncertainty which led to instability which led to the crash.

Posted by: Andrew | Oct 25, 2005 11:23:10 AM

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