Tuesday, August 25, 2009

Ben is Back

Today President Obama announced that he is re-nominating Ben Bernanke as Chairman of the Federal Reserve. I take this as very good news. I have stated many times that you cannot underestimate the importance of the Federal Reserve during times of crisis, like the one we have been going through. Dr. Bernanke has certainly not been perfect, but overall, I think he has done an excellent job given the circumstances, and continuity is extremely important as we work our way out of the woods.

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.