OMG Obama! Bernanke Gets a Second Term
Pic credit: NY Mag
Look at it this way, it could be worse. We could be looking at Larry Summers as the next Fed chair. Here's to four more years, Zimbabwe Ben!
OAK BLUFFS, Mass., August 24 -- President Obama plans to nominate Federal Reserve Chairman Ben S. Bernanke to another term Tuesday morning, White House officials confirmed Monday night, ending speculation about the fate of the nation's top banker.
Bernanke was chosen by former president George W. Bush to succeed Alan Greenspan and has headed the central bank since early 2006. As the Fed chairman, he has helped guide the nation through the worst economic crisis since the Great Depression.
As president, Obama has largely followed Bernanke's response to the crisis, fashioning a bank bailout and stimulus plan that extended the efforts of Bernanke and the Bush administration.
But there had been serious questions about whether Obama would endorse Bernanke with a full term. And there had been speculation that Obama might turn to his current chief economic adviser, Larry Summers, for the chairmanship of the Federal Reserve.
Summers, the former president of Harvard University, currently serves as the director of the National Economic Council.
Obama plans to make the announcement Tuesday morning at 9 a.m., taking a break from his vacation to officially announce Bernanke's reappointment in a brief statement to the media. Aides said he will make the statement at the elementary school gymnasium that has been turned into a temporary, island briefing room.
An elementary school gymnasium? That's classy. What's the rush? Surely Obama isn't that concerned with keeping up tradition.