Monday, October 24, 2005

Ben Bernanke: Alan Greenspan's Successor-Designate

Now that President Bush has nominated Ben Bernanke as Chairmen of the Fed, it will be interesting to see how the commentariat responds.

Here's a brief bio on Bernanke. And a 2003 U.S. News profile on him, from his pre-White House days, gives insight into Bernanke the man. One graph caught my eye:

A plain-spoken man, Bernanke delivers speeches that are paragons of clarity and
simplicity, a stark contrast to those of the oracular Greenspan, who often seems
to speak in tongues. Bernanke's taking the mystery out of the secrets of the
temple," says Paul McCulley, a Fed expert at bond giant Pacific Investment
Management Co.

But there may be thunder on the right. On August 11 a writer named John Tamny warned in National Review that Bernanke would be a "dangerous" choice to head the Fed:
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.

We'll see if the NRO Corner goes nuts over Bernanke the way they have over Miers. I hope not.


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