The Bronx Blogger

Monday, October 24, 2005

President Bush, Ben Bernanke, and Alan Greenspan

President Bush just announced Alan Greenspan's replacement as chair of the Federal Reserve system. The President read a brief announcement from the Oval Office, with Mr. Greenspan and Mr. Bernanke standing by his side. Then Mr. Bernanke made some brief comments of his own.

Mr. Bernanke made a point of emphasizing that he would maintain continuity in policy and continuity in policy strategy with the policy and strategy of Mr. Greenspan. The only known difference in Mr. Bernanke's views on monetary policy from Mr. Greenspan's views is that he believes there should be an openly announced targeted inflation rate set by the Fed.

CNBC commentators and everybody else seem very pleased by the president's choice of Mr. Bernanke. He has impeccable credentials, a long record of distinguishied economic analysis, and highly relevant experience in the public sector and academia.

Well done, President Bush!

UPDATE, October 25th Here's a dissenting view on Mr. Bernanke:

The Scary Side of Ben Bernanke, by John Tammy

I was directed to Mr. Tammy's piece by Mumon, of Notes in Samsarra.