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Tuesday, October 25, 2005

What to Make of the Fed Appointment?

Reading the Washington Post is plenty confusing on this one. Jonathan Weisman's article on A4 Tuesday, headlined "Bernanke Seen as Safe Pick For a White House in Straits" begins:

In nominating Ben S. Bernanke as the next Federal Reserve Board chairman, President Bush turned to a candidate for the job with unassailable credentials and enough distance from the White House to blunt charges of cronyism or ideological motivations, former White House officials and economists said yesterday.

Clearly E.J. Dionne ("No Job for an Ideologue") isn't a former White House official or economist:

You'd hope that the new chairman of the Federal Reserve Board would learn not only from Alan Greenspan's successes but also from his failures. There is reason to worry that having a Fed chairman so close to President Bush's policymaking apparatus will give us something other than the best of these two worlds.

So is Bernanke too close to the White House and too ideological, or a choice that avoids these pitfalls? Hell if I know! It's too bad monetary policy is so dull because this crap really is important.