Posted on 01/26/2010 9:44:19 AM PST by JohnRLott
Treasury Secretary Timothy Geithner has been warning that a refusal by the Senate to reconfirm Federal Reserve Chairman Ben S. Bernanke will be "very troubling" for financial markets. But this is just the lawmakers usual scare tactics: do as they like or else we are in for a disaster. We are getting tired of hearing it. Looming imminent “disaster” has been conjured up to motivate us to fund bailouts, massive government spending programs and huge increases in the national debt. Those fears weren't justified then, and they aren't justified now.
Despite Mr. Bernanke's obvious academic expertise on the Great Depression, he shouldn't be reconfirmed. The Federal Reserve's extreme powers have rarely been as overused and misused as they have been by Mr. Bernanke. . . . .
(Excerpt) Read more at foxnews.com ...
If Bernanke were to go who would Obama nominate to replace him? That is the $64,000 question. Talk about a crap shoot.
I have no love for Bernanke but I’m more terrified of who Barry-O would name to succeed him. They still have the votes to pass whomever they want as it would only require a simple majority. The devil we know....
I am sure AIG/Citicorp/Goldman-Sachs will nominate someone who is very qualified as the only person on earth that can fix this mess.
/s
Totally unpersuasive. The job of the Fed is monetary policy. All the talk about bank regulation and TARP is beside the point. The Fed’s activities in those spheres are non-critical and non-essential.
Therefore, unless John Lott can assure us that Obama will nominate somebody for Fed chairman who will do a better job with FUTURE MONETARY POLICY than will Bernanke, then John Lott should stick to guns and econometrics — where his expertise is outstanding.
More specifically, Dr. Lott should know that if Bernanke is rejected by the Senate, we won’t see the nomination of a Milton Friedman or Allen Meltzer clone. We’ll get a Larry Summers or an Alan Blinder or somebody even worse.
Exactly,
Bernanke did not create the housing crisis, Congress did, and now they are making him the scapegoat. He has done a good job with monetary policy, which is what he is supposed to do. Congress has not done a good job with fiscal policy. Fire them!
Helicopter Ben doesn’t deserve it but the reason he should stay is because Obama would pick somebody worse instead.
Nonsense. Go with the one you know. Obama’s will be much worse.
May 5th, 2010..
New Federal Reserve Chairman, Barney Frank made several new monetary policy announcements. “These new policies will ensure fairness in how banks treat their customers” Frank said.
Give the job to Paul Volcker.
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