As everyone by now knows, yesterday the President nominated Council of Economic Advisors (CEA) Chair Ben Bernanke to be the next Chairman of the Federal Reserve Board. Of course, Allen Greenspan’s shoes will be tough to fill, but we think Bernanke is up to the job. With a B.A. From Harvard and a Ph. D. from MIT, Bernanke is no slouch. He’s been Chair of the CEA since June 2005 and was a member of the Board of Governors of the Federal Reserve before that. From 1996 to 2002, he was professor and chairman of the Economics Department at Princeton University, and that’s an OK school, too.
Not to be a broken record, but he understands the pressures that energy prices will have on the economy. He said this just last month: “High energy prices are burdening household budgets and raising production costs, and continued increases would at some point restrain economic growth.” Yes they will. Glad this is on his screen.
In any event, NAM President John Engler applauded the choice today. Here’s a link to his statement on Bernanke’s nomination. Looks like Wall Street liked it, too, posting it’s largest one-day gain since July on the news. We look forward to his swift confirmation by the Senate.
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