Around the horn

August 25, 2009

Stuff I read today that you should, too!

Bernanke’s out of control! Russell Roberts thinks Bernanke has gone overboard in reacting to the Great Recession. He might be right, though as the man who jumped out of the burning airplane with no parachute said, “First things first!”

Kicking healthcare, Massachusetts style. Kurt Brouwer  finds fault aplenty with RomneyCare.

Words Bernanke wishes he hadn’t said. My pal John Carney of Clusterstock has a must-read (and must-view) photo gallery of some Bernanke misses. But what about his chitchat with Maria Bartiromo!

How to pay for real economic stimulus. Ed Harrison had the same idea I did. Cut entitlements tomorrow create fiscal space today.

Another vote for Bernanke. Right-of-center economist Greg Mankiw likes the Bernanke reappointment.

Trillion dollar stimulus. Donald Marron notices that the Obama’s fiscal stimulus plan may cost $900 billion.

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I joked about Obama appointing a Fed Czar, effectively keeping a popular choice – Bernanke, but undercutting him. Basically, no one seems to be talking about the two appointments for the Governors board that have been vacant due to hold ups for confirmantion during the Bush years. This plus other retirements would provide the current administration with a majority on Fed voting decisions. Nifty.

I’m a litttle disappointed that nobody has brought up this permutation.

http://www.bloomberg.com/apps/news?pid=2 0601087&sid=aO3Cyu_.OHD4

“…….Federal Reserve Chairman Ben S. Bernanke, nominated today for a second four-year term at the helm of the central bank, will be working with a reshaped team.

President Barack Obama, who nominated Bernanke for a second term beginning in February, still must fill two other vacancies on the Fed’s Board of Governors, which has operated without its full seven-member complement since April 2006. On top of that, Vice Chairman Donald Kohn’s term expires in June, and Gary Stern, the longest-serving policy maker, will retire when a replacement is named.

The turnover means Obama will be able to appoint a majority of governors in his first year. Bernanke will have to convince the Fed’s new members to concentrate on maintaining the economic recovery and put aside concerns about a revival of inflation, said former Fed Governor Lyle Gramley…….”

Posted by Siobhan Sack | Report as abusive