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dy156 · 11-13-2005, 09:23 PM

Bush has nominated another White House advisor for a powerful position. Unlike Miers, from what I have read Ben Bernanke is extremely well qualified to serve as chairman of the Federal Reserve Board as successor to Alan Greenspan. Degrees from Harvard, MIT, Princeton economics prof. that has served as a governor on the Fed Reserve Board before. He has been compared to Roberts for his impeccable credentials.

He was the one who warned loudly last year about the similarities between the economy then and that before the great depression, and about the possibility of deflation. I don't know if he was just wrong, or if the rise in oil prices unexpectedly changed the economic equation.

He also has said that he wants more transparency in reserve board policy, and so not everyone will be forced to hang on his every word, because he wants to set inflation targets and goals.

I didn't know whether to start a thread here or in Tilted Finance about this, but was a bit disappointed not to find one already.

What do y'all think? Maybe the fact that there is no comment on this topic is a good sign. I think it may be a positive lasting legacy for Bush, though it was not a bold nomination - but a good one. Still, he will likely be the second most powerful man in the world for a long time to come, and I think that even if he is great, the nomination is still good discussion fodder.

11-13-2005, 09:23 PM	#1 (permalink)
dy156 cookie Location: in the backwoods	New Fed Chairman Bush has nominated another White House advisor for a powerful position. Unlike Miers, from what I have read Ben Bernanke is extremely well qualified to serve as chairman of the Federal Reserve Board as successor to Alan Greenspan. Degrees from Harvard, MIT, Princeton economics prof. that has served as a governor on the Fed Reserve Board before. He has been compared to Roberts for his impeccable credentials. He was the one who warned loudly last year about the similarities between the economy then and that before the great depression, and about the possibility of deflation. I don't know if he was just wrong, or if the rise in oil prices unexpectedly changed the economic equation. He also has said that he wants more transparency in reserve board policy, and so not everyone will be forced to hang on his every word, because he wants to set inflation targets and goals. I didn't know whether to start a thread here or in Tilted Finance about this, but was a bit disappointed not to find one already. What do y'all think? Maybe the fact that there is no comment on this topic is a good sign. I think it may be a positive lasting legacy for Bush, though it was not a bold nomination - but a good one. Still, he will likely be the second most powerful man in the world for a long time to come, and I think that even if he is great, the nomination is still good discussion fodder.