The Nominee That Will Have The Biggest Impact

[nbcrusader]

White House said to tap Bernanke

NEW YORK (CNN/Money) - President Bush was expected to announce Monday that he has picked top economic adviser Ben Bernanke to succeed Federal Reserve Chairman Alan Greenspan, Reuters reported.

The news agency, quoting a knowledgeable source, said an announcement was to come at 1 p.m. EDT.

Bush told reporters there would be "an announcement soon" on his choice to replace Greenspan, whose 18-year tenure at the Fed runs out on Jan. 31, Reuters said.

Bernanke is chairman of Bush's Council of Economic Advisers. He served on the Fed's board of governors for nearly three years before moving to the White House in June.

His move to the White House was watched with interest on Wall Street because of the belief that he was on the fast track to replace Greenspan.

Bernanke is a former Fed governor who was considered one of the policy trend setters while at the central bank, espousing the virtues of an inflation target to guide monetary policy.

You might think a SCOTUS nominee will affect our society. The real control of society rests with this nominee.

 

[A_Wanderer]

That is true, economy underlies it all.

 

[U2democrat]

Very true. This guy will have big shoes to fill.

 

[melon]

You might think a SCOTUS nominee will affect our society. The real control of society rests with this nominee.

The Supreme Court determines whether I'm a second-class citizen or not, while it's true that the Supreme Court certainly won't change your rights at all, no matter how liberal or conservative he/she is.

And I guess the Federal Reserve will determine just how much the banks will gouge you to death--either slowly and painfully or quickly and painfully. Either way, he doesn't give a rat's ass about employment. In fact, the Fed hates pay raises for the working class; he'll just start talking gloom-and-doom and raise interest rates.

Our country is quite a joke, really.

Melon

 

[financeguy]

Greenfingers has lost his touch in recent years, I'm afraid. So this is welcome news.

 

[VertigoGal]

why do you say that financeguy?

when I heard on the radio "President Bush has chosen a nominee to replace-" I thought maybe he was revoking his nomination of Miers. alas it was not to be...

 

[melon]

Here's a good companion article:

http://money.cnn.com/2005/10/24/news/economy/fed_successor_impact/index.htm

Melon

 

[financeguy]

why do you say that financeguy?

Well look at the deficit.

Read Paul Krugman's 'The Great Unravelling', he is quite scathing.

 

[VertigoGal]

Well look at the deficit.

Read Paul Krugman's 'The Great Unravelling', he is quite scathing.

Well is the defecit completely his fault? (It may be, I know nothing about what the Federal Reserve does.)

I'll try to read that book, I generally come to FYM to save me the trouble of reading "books" but...

 

[financeguy]

I'll try to read that book, I generally come to FYM to save me the trouble of reading "books" but...

Oh, I know the feeling.