Over een best belangrijk item is nog geen aandacht geschonken zie ik

. Bush heeft de vervanger van Greenspan aangekondigt.
By JEANNINE AVERSA | Associated Press
October 25, 2005
WASHINGTON -- Ben Bernanke isn't a household name -- yet.
But if all goes well, he'll be the next chief of the Federal Reserve, wielding enormous power over the economy and the portfolios of millions of investors large and small.
Bernanke, a plain-speaking former economics professor, was chosen Monday by President Bush to replace Alan Greenspan. Largely unknown to the general public when he took over the Fed in 1987, Greenspan has risen to iconic status.
Bush called him a "legend." And Bernanke promised to continue the policies of Greenspan, who steps down Jan. 31.
"Ben has done path-breaking work in the field of monetary policy, taught advanced economics at some of our top universities and served with distinction on the Fed's Board of Governors," said Bush, who was flanked by Bernanke and Greenspan during a brief White House ceremony. "He's earned a reputation for intellectual rigor and integrity. He commands deep respect in the global financial community."
Greenspan called Bush's choice "a distinguished appointment. Ben comes with superb academic credentials and important insights into the ways our economy functions."
It was the third time in as many years that Bush has turned to the 51-year-old Bernanke for a sensitive economic post. The president named him to the Fed board in 2002, then made him chairman of the president's Council of Economic Advisers earlier this year.
The nomination comes at a difficult time for Bush. His approval ratings are sagging, his choice of Harriet Miers for the Supreme Court is under attack, and his top political adviser -- Karl Rove -- is a central figure in the investigation of who leaked the name of an undercover CIA officer.
The initial reaction to Bernanke was positive. Academics, lawmakers from both parties, economists and other experts said Bernanke, a leading thinker on monetary policy, has impeccable academic credentials for the Fed post.
Bernanke acknowledged that he has big shows to fill, saying Greenspan "has set the standard for excellence in economic policymaking."
If he is approved to a four-year term as Fed chairman, Bernanke said, his first priority would be "to maintain continuity" with the policies and strategies during the Greenspan era. He pledged to do all he could to ensure "the continued prosperity and stability of the American economy."
The Fed determines interest-rate policies that affect any person or business that borrows money. Its decisions -- along with utterances from the Fed chief -- can influence financial markets around the globe.
As the country's second-longest serving Fed chairman, the 79-year-old Greenspan has attained cult-like status and often is refereed to as the second-most important person in Washington. On Greenspan's watch, the U.S. economy grew from March 1991 to March 2001, the longest continuous expansion in history. The two recessions during his tenure -- in 1990-91 and in 2001 -- were mild.
While Bernanke pledged continuity with his predecessor's policies, the two men differ on whether the Fed should set targets for inflation -- Bernanke thinks it should; Greenspan does not. Otherwise, they share a similar philosophy, so much so that while the younger man was at the Fed, market observers often looked at his speeches for insight into Greenspan's thinking.
A summa cum laude graduate of Harvard University in 1975, Bernanke received his doctorate from the Massachusetts Institute of Technology in 1979. He was professor of economics at Princeton University and then chairman of the economics department until 2002, when Bush named him to the Federal Reserve Board. He also has taught at Stanford University.
Some economists wondered whether Bernanke's lack of hands-on business or Wall Street experience and limited policymaking experience in Washington could be a drawback.
With rising inflation, an uncertain employment climate, bloated budget and trade deficits, and a housing market surge that appears to be nearing an end, there are many issues confronting the next Fed chairman.
Some Democrats question whether Bernanke would do enough to use the Fed's bully pulpit to get Congress and the administration to rein in bloated budget deficits, which over time could pose a danger to the economy if they push long-term interest rates up. And, they hope Bernanke will be truly independent from the Bush administration. That's crucially important for a Fed chairman to earn credibility with Wall Street and central bankers from around the world.
Senate Minority Leader Harry Reid, D-Nev., said it "will be important that Mr. Bernanke demonstrate that he is committed to guiding the economy to produce results for all Americans rather than promoting partisan policies that benefit special interests and an elite few."
Sen. Richard Shelby, R-Ala., chairman of the Senate Banking Committee, which will consider the nomination, struck a positive note: "I am confident that this nominee will be thoroughly questioned but also well-received by all members of our committee."
A date for a nomination hearing hasn't been set. But Shelby indicated it's possible a hearing could take place before Thanksgiving; he hoped the confirmation process would be completed before Congress adjourns for the year.
Bernanke has won Senate confirmation three times in the past: twice at the Fed and once to be chairman of the CEA.
![[img width=471 height=306]http://images.freenewmexican.com/2005/10/25/22658_471x352.jpg[/img]](http://images.freenewmexican.com/2005/10/25/22658_471x352.jpg)
Greenspan links, Bernake rechts
Ben benieuwd, gelukkig een goede keuze van Bush. Zowel democraten als republikeinen hebben instemmend gereageerd op Bernake. Vermoedelijk gaat hij dezelfde strategie voeren als Greenspan, maar zou wel eens aardig zijn als hij er iets kritischer naar gaat kijken vwb marktwerking.
Greenspan
