Tuesday, August 25, 2009

Bernanke Reappointed as Fed Chief

Bernanke's Fed Confirmation May Focus on Slow Crisis Response

Bloomberg — Federal Reserve Chairman Ben S. Bernanke, likely to win confirmation to a second term, will confront critics in Congress who fault his response to the financial crisis and ad hoc bailouts for the industry.

Bernanke, nominated today by President Barack Obama for a four-year term beginning Jan. 31, also will defend the central bank’s independence as the administration and lawmakers seek to strip its power to protect consumers.
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Was Bernanke the Wrong Choice for Fed Chair?

The Atlantic — President Obama has re-nominated Ben Bernanke to serve as chairman of the Federal Reserve and everybody expects the Senate to confirm him. Although Bernanke has been widely praised for driving the expansionary monetary many think saved the financial system, he has his detractors. After all, you can't preside over the largest financial collapse since the Great Depression, extend trillions of dollars to keep our bedeviled banking system afloat and manage to escape criticism entirely. So here's one surprising critic: Stephen Roach, the chair of Morgan Stanley Asia, who writes: "It is as if a doctor guilty of malpractice is being given credit for inventing a miracle cure." Ouch!
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Global stocks gain on Bernanke, data

Reuters — World stocks surged to 10-month highs on Tuesday after upbeat U.S. economic data and Ben Bernanke's renomination as Federal Reserve chief spurred optimism, but increased risk-taking weakened the U.S. dollar.

U.S. Treasury debt prices fell as the renewed gains on Wall Street and data on U.S. home prices and consumer confidence reduced a safety bid for bonds..
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