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Ben S. Bernanke to replace Greenspan?

 
 
Reply Mon 24 Oct, 2005 12:56 pm
1) Who is this guy

2) How will he do trying to fill th enormous shoes of Alan Greenspan


What do people think?
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Type: Discussion • Score: 2 • Views: 1,018 • Replies: 7
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Thomas
 
  1  
Reply Tue 25 Oct, 2005 03:06 am
John Drury wrote:
1) Who is this guy

Ben Bernanke (Wikipedia article here) is a distinguished economist, former governor of the Federal Reserve Bank, and current president of the Council of Economic Advisors. He is known as a supporter of commiting the Fed to inflation targets, thus limiting its discretionary power. This makes him a 'conservative' in the world of monetary policy. On the other hand, while chairing the economics department at Princeton, he co-wrote with Robert H. Frank a book called Principles of Economics. Frank is one of academia's most outspoken left-wing economists; the fact that Bernanke worked closely with him on a significant project suggests to me that he's an independent thinker, not a doctrinaire.

John Drury wrote:
2) How will he do trying to fill th enormous shoes of Alan Greenspan

With an ease that will surprise many. In my opinion, there simply was no better candidate for this job. I am enormously surprised and pleased that Bush picked him. Bernanke is the total opposite of incompetent Bush cronies such as Ms Miers and Mr. Brown.
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joefromchicago
 
  1  
Reply Tue 25 Oct, 2005 08:49 am
Rumor has it that Bush initially wanted to appoint the guy who did his taxes when he lived in Midland back in the 70s -- some guy named Murray or Morrie or something. "I know his heart, and his heart is good," Bush told his advisors, "and he saved me something like $155 on my federal taxes, so he's a pretty smart guy when it comes to money."

John Drury wrote:
2) How will he do trying to fill th enormous shoes of Alan Greenspan

Considering that Greenspan, in his support for the Bush tax cuts, acted as an unpaid shill for the Republican party rather than as an independent watchdog for the American economy, I don't suppose that Bernanke can do a much worse job. But there's plenty of time to find out.
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Thomas
 
  1  
Reply Tue 25 Oct, 2005 09:04 am
joefromchicago wrote:
John Drury wrote:
2) How will he do trying to fill th enormous shoes of Alan Greenspan

Considering that Greenspan, in his support for the Bush tax cuts, acted as an unpaid shill for the Republican party rather than as an independent watchdog for the American economy, I don't suppose that Bernanke can do a much worse job. But there's plenty of time to find out.

While many economists will agree with you that Greenspan's tax cut advocacy was foolish, almost all of them would disagree about your "don't suppose Bernanke can do a much worse job". As a setter of monetary policy, liberals like Paul Krugman give him an 'A-', conservatives like Milton Friedman give him an 'A+', and that's all the partisan disagreement there is about Greenspan the manager of the money supply. (This disagreement is par for the course, I guess. Sadly, my views on constitutional law aren't shared by that many constitutional lawyers either.)

Interesting info about the tax guy. I suspected something like this. I think he'll get one of the two other vacant Fed governor posts instead, and I'm sure he'll do a heck of a job.
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joefromchicago
 
  1  
Reply Wed 26 Oct, 2005 08:06 am
Thomas wrote:
While many economists will agree with you that Greenspan's tax cut advocacy was foolish, almost all of them would disagree about your "don't suppose Bernanke can do a much worse job". As a setter of monetary policy, liberals like Paul Krugman give him an 'A-', conservatives like Milton Friedman give him an 'A+', and that's all the partisan disagreement there is about Greenspan the manager of the money supply. (This disagreement is par for the course, I guess. Sadly, my views on constitutional law aren't shared by that many constitutional lawyers either.)

I find it difficult to separate Greenspan the inflation-fighter from Greenspan the deficit-fighter. I don't have much problem with the former, but the latter did a really terrible job.

Thomas wrote:
Interesting info about the tax guy. I suspected something like this. I think he'll get one of the two other vacant Fed governor posts instead, and I'm sure he'll do a heck of a job.

Laughing
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twinpeaksnikki2
 
  1  
Reply Wed 26 Oct, 2005 09:17 am
I was worried when I heard the name that Bush was appointing another political hack. That is not the case. Perhaps, we have Katrina and Traitorgate to thank that Bush actually appointed someone who might be competent.

I kind of had a love/hate relationship with Greenspan. Whatever his faults, he kept the lid on inflation. And even worse, stagflation.
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Sturgis
 
  1  
Reply Wed 26 Oct, 2005 02:10 pm
Bernanke is superb choice.
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BumbleBeeBoogie
 
  1  
Reply Wed 26 Oct, 2005 03:25 pm
BBB
I didn't know another thread was started for this topic. Here's what I've posted so far.---BBB

http://www.able2know.com/forums/viewtopic.php?t=62131&highlight=
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