Bush Taps Bernanke to Succeed Greenspan at Fed. Reserve

MSNBC:

President Bush Monday named Ben Bernanke, chairman of his Council of Economic Advisers, to succeed Alan Greenspan as chairman of the Federal Reserve, often described as the nation’s second-most powerful job. …

“He is trained for the job, he worked as a [Fed. Reserve] governor and when he was governor he spent a lot of time looking at practical issues around monetary policy,� said Ethan Harris, chief U.S. economist at Lehman Bros. “He has hung around the Fed for many years as an adviser. He certainly has the respect of many in the institution, so the handoff is pretty smooth.�

Glad Bush went ‘smooth choice’ on his Chief banker pick. That other guy they were talking about, the one who advocates putting your all money in an old coffee can and burying it out in the tomato garden? That guy had ‘confirmation battle’ written all over him.

Update: Bernanke's econ. theory contributions and intellectual leanings get fleshed out nicely by Marginal Revolution.

posted by Dr. Reo Symes at 01:32 PM

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