James Pethokoukis
Politics and policy from inside Washington
The Fed more unpopular than the IRS
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Ben Bernanke isn’t just campaigning for his own reappointment — though that certainly is part of what’s going on. He is also bolstering the public image of the Fed, which could use some help:
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I don’t think anyone could credibly argue that Bernanke should not be re-appointed. He’s done a great job,is genuinely motivated to do the right thing, is the foremost authority on the US Depression & all the permutations. He has held his own in Congressiional hearings — maybe even found his sea legs in that forum. Who knows, maybe he’ll throw out a smart ass answer to some of the boob questions next time
It boils down to a basic intelligence test. The most critical aspect for America ( and actually the world) is the Fed’s independence. Any other appointment from the current administration, at this juncture, would seriously compromise at the least,the appearance of independence. They may as well nominate Rob Blagojevich or some other bagman.
Larry Summers’s track record (Clinton admin. & Harvard) is crapola and it appears the bubble the Obama admin. floated very early (remember the rumblings right after the election?) on that nomination have popped. Triste
It seems pretty likely that anyone else the current administration would appoint would be their tool, perhaps with the “appearance” of being independent but with no juice.
Next, and really important, we’ve only seen Bernanke’s opening salvo. Yes, it was a big one, but just as criticsa, he has intimated a plan to relax the quantitative easing. This is the tricky, perhaps surgical part and not a job for the ham fisted or politically indebted.
This decision is really easy, if it’s not Bernanke, we should all worry — alot.