Random Thoughts of A Proud Centrist

Ben Bernanke, Fed Chairman

I really do hope that Dr. Benjamin Bernanke is confirmed to be the Federal Reserve Chairman. For once, Bush actually made a good choice for a position.

Let's look at this man's qualifications.
PhD: Massachusetts Institute of Technology
Prior Experience on the Fed: Yes, he has been on the Fed before
Academic Specialisation: Macroeconomics, both generalist and monetary policy
Level of respect from Peers: VERY high
Level of respect from Wall Street: VERY high

This man is not only qualified, but overqualified for the position. Now, let's examine his philosophy. In general, he sounds pretty much like Alan Greenspan with one exception. Bernanke believes in targeting inflation rates. While the Federal Reserve Board does not set interest rates, it can effect monetary policies to change the inflation rate, if the economy works as it should. To set the targets requires a special and sophisticated knowledge of Monetary Economics. It seems to be Bernanke does have that ability.

In all an overqualified, and GOOD choice.

posted by ProudCentrist @ 11:46 PM