Wall Street’s reaction to Fed chairman nominee is reassuring

President Bush didn’t look too far for a replacement for Federal Reserve Board Chairman Alan Greenspan, naming White House economic adviser Ben Bernanke to the post Monday, effective early next year. Wall Street’s first impression reaction of the Harvard and MIT grad was reassuring — a rise in stock prices. So was Greenspan’s statement calling Bernanke a "distinguished appointment." Especially given that Greenspan has served 18 years under four presidents, Bush’s judgment in picking the 51-year-old Bernanke likely will matter long after the president is back at the ranch.
Posted by Rhonda Holman

8 Comments

  1. Ed Friedemann
    Posted October 24, 2005 at 1:57 pm | Permalink

    Federal Reserve Board Chairman Alan Greenspan has done an excellent job.

    Ben Bernanke is also the right man for the Federal Reserve Board Chairmanship.

    Alan Greenspan has been able the keep fixed what Bush keeps breaking, as will Ben Bernanke.

    Keep in mind that Bush does not have the sense to “pick” anybody. Smart people do that.

    Brainless Bush can barely pick his nose.

  2. R.D.Liebst
    Posted October 24, 2005 at 4:09 pm | Permalink

    IT IS A LIE! He is educated, experenced and knowledgable! Bush would have never picked him, so it must be a LIE!

  3. Joe C
    Posted October 24, 2005 at 7:14 pm | Permalink

    Tsk, tsk.Bush got better grades than Kerry.Nah Nah Nah Nah Nah

  4. R.D.Liebst
    Posted October 24, 2005 at 8:55 pm | Permalink

    Yeh Yeh he is “Brilliant” or at least that was what I heard.

    So Kerry and Bush are movie stars and now we know which one was dumber!

  5. JUSTA GUY
    Posted October 25, 2005 at 5:44 am | Permalink

    Another crony, but qualified this time, geared to the wealthy.

  6. Joe Williams
    Posted October 25, 2005 at 9:00 am | Permalink

    The only difference I see from Ben from Alan, is that Alan is from Wall Street, and Ben is from Acedemics.

    The good thing about Ben Bernanke, is that he is not a supply side economist. And thank goodness for that, I was scared we were going to get one of those bozos. So I approve of this pick.

    :)

  7. Galahad
    Posted October 25, 2005 at 12:09 pm | Permalink

    Wall Street liked Bush too. And look at the Dow (down 10 percent from its high over 5 years). Look at the NASDAQ (still down 60 percent from its high over 5 years).

    When does Wall Street wise up and say, “enough is enough?”

  8. Jed
    Posted October 25, 2005 at 2:06 pm | Permalink

    Galahad,They’ll wise up if and when his policies cost them money. Greenspan has been knowledgable and tough as nails, but not immortal. We need a replacement, and one from his camp is most likely a good choice. only time will tell.