Posted on 10/24/2005 9:38:24 AM PDT by faithincowboys
The White House, keen to correct itself after Miers, has nominated an uber-intellectual, no practical experience egghead who is expected to adopt European style (read no growth) monetary policy.
Was Larry Kudlow busy? Why can't this White House nominate a Reaganite to any position?
These links from the BBC are helpful....
http://news.bbc.co.uk/2/hi/business/4372562.stm
Here's an excerpt:
The front runner
The current front runner to succeed Mr Greenspan is Ben Bernanke, a Princeton economist who was appointed chairman of the council of economic advisors in June, and is therefore the government's chief economic advisor.
BERNARD BERNANKE
Current job: Chairman, Council of Economic Advisors Former job: Professor of Economics, Princeton Strength: Outspoken advocate of inflation targeting Weaknesses: Limited non-academic experience
Mr Bernanke spent most of his career as an academic economist at Princeton University before becoming a member of the Fed's board of governors in 2002.
He is a leading advocate of "inflation targeting", the idea that central banks should set a target for inflation - in the UK it is 2% - and stick to it.
This approach was opposed by Mr Greenspan, who believed central banks needed to keep the markets guessing on how tough they would be on inflation.
Mr Bernanke's approach is widely adopted in Europe, by both the Bank of England and the European Central Bank, and supporters say it has helped to lower expectations of inflation among the public.
His appointment would be widely welcomed by financial markets - who have become familiar with his approach - but might raise hackles among Republican loyalists who don't see him as a team player.
Mr Bernanke, like Mr Greenspan, believes that it is difficult for central banks to intervene to prevent "asset bubbles" like house price booms from taking place.
Kudlow supports the pick.
Where did you see that?
CEA chair and former Fed governor Ben Bernanke is about to be nominated to succeed Alan Greenspan as Chairman of the Federal Reserve Board. In my view it is a good choice. Though Mr. Bernanke is not a hardcore advocate of the price rule, he does favor an inflation target, which is the second best option. Noteworthy is the fact that in recent speeches he has emphasized the slow and steady 2 percent zone of core inflation and inflation less energy. So he is not as militant as some of the crazed Fed presidents. Bernanke does watch financial market indicators such as the inflation-adjusted Treasury bond and the TIPS spread.Bernanke will also support an extension of Bush’s tax cuts for capital gains and dividends, and he has told me in the past that raising tax rates would only harm the economy. He is widely respected in the economics profession as a former chairman of the Princeton Economics Department. Thank heavens that Fed board member Donald Kohn, who is a demand-sider and a Phillips Curver, did not get the nod. (I'll be tracking this development closely on my blog, Kudlow's Money Politic$)
BTW, I too was hoping he'd apppoint Kudlow!!!
I'm afraid Greenspan will be a tough act to follow.
If Kudlow likes him, that is good enough for me.
I hope pundits on the right, who are keen to support the President in his hour of calamity, don't just say "yeah, I'm for it" when they shouldn't be-- when the guy wants us to be more like Europe...
Well, it didn't take long.........
After Greenspan, anyone will look bad.
The fact that the stock market shot up 30 points the minute he was announced is a pretty good sign of how the investment and corporate communities feel about him.
Bush ordered a ham sandwich for lunch today, the dirty SOB doesn't he realize that the chicken is important and needs support. Also Bush's lack of embrace of Jelly Beans proves he isn't Reagan and don't even get me started on the way he flushed twice today.
Inflation target? ZERO is a good target.........
This post is idiotic.
Bernanke is a solid pick.
Check out the stock market.
Bernanke agrees with the President's Tax Policy, he's a suplly-sider and of the Fed Governors he is is the 'inflation DOVE'.
Solid pick.
Janice Rogers Brown Quality.
Let's give the same focus on the courts now. PULL MIERS.
Larry will forever be a TV pundit. It is not a secret that he had a problem with an illegal white powder.
Why did Bush pick a member of the Ivy League elitist establishment? He should have picked an accountant with "real world" experience.
They just got away from the uncertainty. They expected this 2 weeks from now...it came early and rid the market of the uncertainty.
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