He has to go, on the other hand not reappointing him and chosing someone else is fraught with dangers. Maybe they should bring back Volcker for one term.
The Fed head serves at the pleasure of Wall Street and the large banks. Bernanke has shown his fealty to these groups over the past 12 months. Therefore he was renominated. BO may have signed the re-nomination order, but outside of that, he had nothing to do w/it.
I hear Big Ben was optimistic about the economy at Jackson Hole. Just found this quote ... âOur forecast is for moderate but positive growth going into next year. We think that by the spring, early next year, that as these credit problems resolve and, as we hope, the housing market begins to find a bottom, that the broader resiliency of the economy, which we are seeing in other areas outside of housing, will take control and will help the economy recover to a more reasonable growth pace.â However, this was not from his JH speech last week, it was from November 7, 2007 (with the DJIA at 14K). Heaven help us all.
Among other faults, Bernanke is the world's worst trader. His rate cuts couldn't be timed worse--especially the huge one right after the French trading snafu. I'm no fan of the Fed or Greenspan, either, but the last bear market would've been a 40% max drop (instead of almost 60%) under Sir Alan. He at least had minimal instincts. How anyone could still like Bernanke after his mumbling, bumbling responses in the worst of the crisis and non-answers to Ron Paul's grilling is beyond me.
They would just appoint someone as bad if not worse. Why do they have Volcker hanging around anyway? He is not being utilized.
The beard is doing a great job! He is meeting his objectives and excelling even. It seems a lot of people have misunderstood his mandate.