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Thread: Anyone surprised? New Fed is a crony appt.

  1. #1
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    Default Anyone surprised? New Fed is a crony appt.

    Bush expected to pick Bernanke as Fed chief
    WASHINGTON, Oct 24 (Reuters) - President George W. Bush was
    expected to announce on Monday that he has picked economic
    adviser Ben Bernanke to succeed Federal Reserve Chairman Alan
    Greenspan, a knowledgeable source said.
    'Those who sacrifice liberty for security deserve neither.' Ben Franklin

    "When fascism comes to America, it will be wrapped in the flag and carrying the cross."
    --Sinclair Lewis

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    Elite Member Grimmlok's Avatar
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    .. so he's Bush's economic advisor.. like personal?
    I am from the American CIA and I have a radio in my head. I am going to kill you.

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    I'm guessing they did some bong hits together back at prep school.
    'Those who sacrifice liberty for security deserve neither.' Ben Franklin

    "When fascism comes to America, it will be wrapped in the flag and carrying the cross."
    --Sinclair Lewis

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    Here's the official White House bio. I'll look for something less smarmy in a sec.


    Ben S. Bernanke was sworn-in on June 21, 2005 as Chairman of the President's Council of Economic Advisers. Prior to his appointment to the Council, Dr. Bernanke served as a member of the Board of Governors of the Federal Reserve System.

    Dr. Bernanke was born on December 13, 1953, in Augusta, Georgia. He received a B.A. in economics in 1975 from Harvard University (summa cum laude) and a Ph.D. in economics in 1979 from the Massachusetts Institute of Technology.

    Before becoming a member of the Board, Dr. Bernanke was the Howard Harrison and Gabrielle Snyder Beck Professor of Economics and Public Affairs and Chair of the Economics Department at Princeton University (1996-2002). Dr. Bernanke had served as a Professor of Economics and Public Affairs at Princeton since 1985.

    Dr. Bernanke has published many articles on a wide variety of economic issues, including monetary policy and macroeconomics, and he is the author of several scholarly books and two textbooks. He has held a Guggenheim Fellowship and a Sloan Fellowship, and he is a Fellow of the Econometric Society and of the American Academy of Arts and Sciences. Dr. Bernanke served as the Director of the Monetary Economics Program of the National Bureau of Economic Research (NBER) and as a member of the NBER's Business Cycle Dating Committee. Dr. Bernanke's work with civic and professional groups includes having served two terms as a member of the Montgomery Township (N.J.) Board of Education.

    Dr. Bernanke and his wife, Anna, have two children.
    'Those who sacrifice liberty for security deserve neither.' Ben Franklin

    "When fascism comes to America, it will be wrapped in the flag and carrying the cross."
    --Sinclair Lewis

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    well at least he sounds reasonably qualified, which is a quantum jump from Bush's usual modus operandi.

    Maybe he'll take one look and go "holy shit, you fucked this place up"
    I am from the American CIA and I have a radio in my head. I am going to kill you.

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    Last Friday’s Wall Street Journal reported that Larry Lindsey has been added to President Bush’s short list of potential replacements for Alan Greenspan at the Federal Reserve. Martin Feldstein, Glenn Hubbard, and Ben Bernanke are the other three most prominently mentioned, with Bernanke the frontrunner on Tradesports.com.

    Bernanke recently weighed in with his opinions on the economy in the Journal, and while he lauded tax cuts, free trade, and legal reform, a supply-sider he is not. His views on how tax cuts impact the economy, his odd interest in demand charts, and not to mention his discredited beliefs about “limits” to growth and “full” employment, should have Bush supporters concerned.

    About taxes, Bernanke spoke of “fiscal stimulus” that has diminished “in the past few quarters.” Bernanke is clearly in the Keynesian camp on taxes, holding that they should be reduced during times of slack demand and increased when economic growth reaches its natural “limits.” While Keynesians see tax cuts through a demand-driven, short-term stimulus prism in which their impact gradually recedes, supply-siders encourage marginal rate cuts for their long-term (and continuous) incentive effects on economic activity. The distinction between the two schools of thought is crucial, particularly given the growing influence of the Fed on Capitol Hill.

    Moving to the economic impact of demand, Bernanke asked how much demand in the latest quarter “appears to have been satisfied out of inventories rather than from new production.” But supply-siders don’t even consider this — they don’t because they know that products are ultimately bought with other products. “Demand” will always exist, as human wants are unlimited. But what Bernanke deems “demand” is in fact producers offering up their surpluses for those of others. In the supply-side model, what Bernanke sees as a fall in aggregate demand is in fact a fall in production — something supply-siders agree results from governmental meddling along the lines of excessive taxation, regulation, and unstable money.

    Further on in his Journal editorial, Bernanke wrote about employment, and his belief that there is a “highest level of employment that can be sustained without creating inflationary pressure.” His thinking here raises many questions in that Greenspan’s unnecessary preoccupation with GDP growth “in excess of trends of potential” led to his mistaken 1999 decision to tighten (by way of repeated hikes of the fed funds rate) despite the fact that bond yields, the dollar, and gold were screaming deflation rather than inflation.

    Leaving aside the ability of markets to innovate constantly around labor shortages, not to mention the static assumptions that would lead one to believe in “full” employment and “limits” to economic growth in the first place, the real concern here is that someone who could potentially oversee our monetary policy essentially sees the U.S. economy as closed beyond the importing/exporting function. Indeed, a major reason why our economy continues to outperform those of other countries has to do with the fact that just as our companies don’t limit themselves to the “available” U.S.-based labor force, they similarly are not hamstrung by the “output gap” beliefs held by Bernanke — beliefs that assume growth is limited to static estimates about our domestic production capacity.

    In truth, as commentators like Lou Dobbs continuously remind us, U.S. companies regularly source jobs and manufacturing outside the United States. Assumptions about full employment and limits to growth are always a bit silly insofar as they’re based on the false notion that economic factors don’t respond to changing economic conditions. In an increasingly integrated world economy, the ideas pushed by Bernanke are downright fatuous.

    Although he didn’t discuss money in the Journal editorial, a June New York Times article noted Bernanke’s belief that the gold standard made the Great Depression worse. Plus, in a 2002 speech, he lauded the ability of the government to use the printing press to “generate higher spending and hence positive inflation.” If his adherence to a Phillips Curve orthodoxy made his belief in a price-rule already seem shaky, his direct comments about money should remove all doubt.

    Much right now is being made of President Bush’s historic chance to remake the Supreme Court. No doubt that’s true. Perhaps just as important will be Bush’s Federal Reserve appointments, foremost of which will be Alan Greenspan’s replacement. For his views on taxes and growth-limits alone, Bernanke would be a big step in the wrong direction. For his views on money, Bernanke has the potential to be very dangerous.
    Well, off to get the Wikipedia take on it.
    'Those who sacrifice liberty for security deserve neither.' Ben Franklin

    "When fascism comes to America, it will be wrapped in the flag and carrying the cross."
    --Sinclair Lewis

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    Wikipedia.

    Ben S. Bernanke (born December 13, 1953 in Augusta, Georgia) is Chairman of the President's Council of Economic Advisers. He was previously a member of the Board of Governors of the Federal Reserve, serving from August 2002 until just prior to his June 2005 swearing-in as CEA chairman.

    On October 24, 2005, Reuters reported: "President George W. Bush was expected to announce on Monday that he has picked economic adviser Ben Bernanke to succeed Federal Reserve Chairman Alan Greenspan, a knowledgeable source said."

    He graduated from high school in Dillon, South Carolina in 1971; from Harvard University in 1975; and earned his Ph.D. at the Massachusetts Institute of Technology in 1979. Teaching at Stanford University from 1979-1985, he has since then been a professor at Princeton University. He has given several important lectures at the London School of Economics on monetary theory and monetary policy and written three textbooks on macroeconomics.

    He is generally considered to be among the leading contenders to replace Alan Greenspan as Chairman of the Fed when Greenspan retires from that position after chairing his final FOMC meeting on January 31, 2006. Mr. Bernanke is almost certainly the favored candidate to replace Chairman Greenspan among market participants and Fed watchers after his outstanding performance as a Fed governor, in which role his thought leadership (see below mentioned paper for one prominent example), intellectual rigor combined the with the ability to communicate clearly with a general audience, and candor on his thinking about the state of the economy and prospects for policy -- at this point a welcome and probably overdue shift from Chairman Greenspan's more guarded approach -- earned universal respect in the markets. Ben Bernanke's appointment as Fed Chairman would be at least as strong an appointment as John Roberts' to Chief Justice.

    He gave a well known speech in 2002 entitled "Deflation: Making Sure 'It' Doesn't Happen Here" in which he discussed possible Fed actions to prevent deflation.
    'Those who sacrifice liberty for security deserve neither.' Ben Franklin

    "When fascism comes to America, it will be wrapped in the flag and carrying the cross."
    --Sinclair Lewis

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    Elite Member Grimmlok's Avatar
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    Oh great, so he's pushing discredited economic policies.

    Say goodbye to what's left of your economy.
    I am from the American CIA and I have a radio in my head. I am going to kill you.

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    Thanks. I just saw it fly out the 48th floor window. It got caught on an awning but broke free and is now in bits on the street.
    'Those who sacrifice liberty for security deserve neither.' Ben Franklin

    "When fascism comes to America, it will be wrapped in the flag and carrying the cross."
    --Sinclair Lewis

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