OMG Obama! Bernanke Gets a Second Term

Monday, August 24, 2009 , , 2 Comments

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.

Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.


Anonymous said...

>An elementary school gymnasium? That's classy. What's the rush? Surely Obama isn't that concerned with keeping up tradition.<

Some random thoughts JR.

1.) This will allegedly piss off the Chinese. They're getting to uppity anyhow, wanting assurances their Tbonds will be worth something.

2.) You don't change horses in midstream (That's my bet on the nice looking pres logo/fed logo backdrop in the gymnasium news conference).

3.) A weak/compliant hand is obviously required

4.) Larry Summers was lobbying too hard

5.) Only Uncle Ben can stand up to the Ron Paul 'audit the Fed' blasphemy

6.) The cult of Bernanke will soon eclipse the cult of Chaiman Al.

you're funny, Anon. I wrote my comprehensive post on this before reading this comment and pretty much hit on every one of your points.

you get it.
we all know what this is.

did we just fucking declare war on China?