On Monday, Oct. 24, President George W. Bush nominated Ben Bernanke, his top economic adviser, to replace Alan Greenspan as chairman of the U.S. Federal Reserve Board, handing management of the world’s most powerful central bank to someone who is widely respected by liberals and conservatives.
Bush said Bernanke had “built a record of excellence as both economist and policy maker.” Bernanke and Greenspan flanked President Bush as he made the historic announcement.
This guy Bernanke is no joke. He’s smarter than anyone who ever attended Princeton, Yale, or Witchita Falls Junior College.
Greenspan is expected to step down Jan. 31 and will be the second-longest serving chairman of the Fed after William McChesney Martin Jr.
In his statement, Greenspan said Bernanke came with “superb academic credentials and important insights into the ways our economy functions.” He also said: “I have no doubt that he will be a credit to the nation as chairman of the Federal Reserve Board.”
“Economics is a very difficult subject,” Bernanke once said. “I’ve compared it to trying to learn how to repair a car when the engine is running.”
Give the guy the job, worst case scenario he’ll help the feds tune up their hoopties in the executive parking lot.
Wall street appeared to be please with the nomination. (I didn’t check Midas or Pep Boys); but, the stock market rose broadly after the announcement was made.
Three cheers for Bernanke…he’s got huge shoes to fill but this guy’s platnium…mark my words.