Greg Mankiw, whose blog I have often referenced, put It best:
"While there is certainly room for reasonable people to question some of the specific decisions Ben has made, in general he has led the Federal Reserve System with humility, intelligence, wisdom, and grace.
I extend my congratulations to the President for a fine decision and my condolences to Ben for having to spend the next four years overworked and underpaid."
Here is more reaction to Dr. Bernanke's re-nomination. Let's hope Congress does not make a sham of the nomination hearings and quickly votes in favor.