Successor for the Fed to be Officially Named Today
Ben Bernanke. Who is he? That is the question on the minds of many today as the White House plans to announce him as the successor for Federal Reserve Chairman Alan Greenspan.
What is known?
- He is Chairman of the Council of Economic Advisers (CEA)
- He was previously a member of the Board of Governors of the Federal Reserve, serving from August 2002 until just prior to his June 2005 swearing-in as CEA chairman
- He graduated from high school in Dillon, South Carolina in 1971; from Harvard University in 1975; and earned his Ph.D. at the Massachusetts Institute of Technology in 1979.
- He has given several important lectures at the London School of Economics on monetary theory and monetary policy and written three textbooks on macroeconomics.
- He was the Director of the Monetary Economics Program of the NBER (National Bureau of Economic Research) and the editor of the American Economic Review
- He gave a speech in 2002 entitled “Deflation: Making Sure ‘It’ Doesn’t Happen Here” in which he discussed possible Fed actions to prevent deflation.
Bernanke’s Bio at WhiteHouse.gov
Bernanke’s Princeton Homepage
Bernanke’s ‘Printing Press’ Speech
The market is apparently comfortable with that choice, with stocks holding on to the gains from earlier this morning. The Dow rose 0.74%, the Nasdaq composite rose 0.43% and the S&P 500 index gained 0.76%.
I have not heard any grumblings, as of yet, from the camp on the left. Surely, his qualifications and experience will be called into question. On his qualifications – I haven’t heard anything yet – but does anyone know, is Ben Bernanke a religious man? /sarcasm
October 24, 2005 - 12:13 PM on October 24th, 2005
He certainly seems to have all of the qualifications necessary, with the excetion of; he was not chosen by the left. I am sure if we skewed the COTUS, we would find that we were to consult the left on this prior to it being announced.