The Over Correction: Bush's Fed Blunder

[faithincowboys]

Flame away, but I think this was another fig leaf to the left in the run up to the indictments. This announcement was moved up to show the Left they don't need to impeach, Bush won't put a Reaganite in charge of the Nation's money. He'll pua Euro Central bank type-- the kind of guy that is causing so much pain in the Euro Sector.

[inkling]

Kudlow supports the pick.

[faithincowboys]

Where did you see that?

[inkling]

Kudlow's Take in The Corner:

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$)

[inkling]

BTW, I too was hoping he'd apppoint Kudlow!!!

[liberallarry]

I'm afraid Greenspan will be a tough act to follow.

[rightinthemiddle]

If Kudlow likes him, that is good enough for me.

[faithincowboys]

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...

[jennyjenny]

Well, it didn't take long.........

[RockinRight]

After Greenspan, anyone will look bad.

[sinkspur]

Do you actually know anything about the Federal Reserve?

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.

[jbwbubba]

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.

[Travis McGee]

Alan is glad to get into a lifeboat, and hand over the position of deck chair re-arranger.

[Perdogg]

Tell me about it. Next thing you know, people will accuse this guy of being a Rosicrucian or a Knights Templar.

[Red Badger]

he does favor an inflation target

Inflation target? ZERO is a good target.........

[new yorker 77]

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.

[vrwc0915]

All ahead flank! Don't worry about those little ice cubes

[Agent Smith]

"Was Larry Kudlow busy?"

Larry will forever be a TV pundit. It is not a secret that he had a problem with an illegal white powder.

[Texas Federalist]

Why did Bush pick a member of the Ivy League elitist establishment? He should have picked an accountant with "real world" experience.

[faithincowboys]

They just got away from the uncertainty. They expected this 2 weeks from now...it came early and rid the market of the uncertainty.