The MSM seem to be pushing the idea that Bernanke was a failure and that that is why many Senators are pledging to not vote for his reappointment. However, even if Bernanke did get the boot, will this be a win for the anti-Feds, or, perhaps, will Bernanke be replaced by someone worse? Discuss…
I believe Ron Paul likened the position of Federal Reserve Chairman to that of the driver of a car you’ve been muscled into which is going over a cliff. Doesn’t matter who’s driving, just that there’s jagged rocks.
Don’t you see? The Federal Reserve is perfectly sound, they just had the wrong guy in charge. Democracy will fix the issue naturally.
Business as usual.
Who are the candidates?
Krugman
Meet Donald L. Kohn, Your New Federal Reserve Chairman*
Meet Dr. Donald L. Kohn. He’s currently Vice Chairman of the Federal Reserve Board.
(*If Bernanke isn’t re-appointed, he takes over. And that’s looking more and more likely.)
Kohn was born and raised in Philadelphia, PA. and earned a B.A. in economics and a Ph.D. in economics from Michigan.
His history with the Fed is extensive to say the least. Here’s his work experience, plucked from the Fed’s own website:
“Dr. Kohn is a veteran of the Federal Reserve System. Before becoming a member of the Board, he served on its staff as Adviser to the Board for Monetary Policy (2001-02), Secretary of the Federal Open Market Committee (1987-2002), Director of the Division of Monetary Affairs (1987-2001), and Deputy Staff Director for Monetary and Financial Policy (1983-87). He also held several positions in the Board’s Division of Research and Statistics: Associate Director (1981-83), Chief of Capital Markets (1978-81), and Economist (1975-78). Dr. Kohn began his career as a Financial Economist at the Federal Reserve Bank of Kansas City (1970-75).”
So, will Wall Street love Kohn like it loves Bernanke? Probably. Dr. Kohn has been described by FT as “Kohn the dove.”
More of the same