Greenspan's Successor

[John Galt]

Since Bush has really not done well in the appointment game lately, I'm a little concerned about his choice to succeed Greenspan. The head of the FRB is a VERY important job economically and it would be a poor place to put a crony or zealot (or both). Here is an article from CNN:

http://money.cnn.com/2005/10/07/news...ex.htm?cnn=yes

WASHINGTON (Reuters) - President Bush wants to pick a replacement for retiring Federal Reserve Chairman Alan Greenspan as soon as possible, the White House said Friday.

Spokesman Scott McClellan described Bush as actively in pursuit of the next Fed chairman. Greenspan's 18-year run on the Federal Reserve is expected to end on Jan. 31.

"As soon as possible," McClellan said when asked when Bush might choose a Greenspan successor. "The president will make a decision when he's ready to do so, but we are moving ahead on the nomination."

He called it a "priority appointment" and said Bush was thinking about it very carefully and his staff had been working hard on potential candidates.

"The president's staff has been working very hard at looking at individuals to bring to his attention and he's been thinking about it as well," McClellan said.

"I'm not going to speculate about the timing or any names," he said.

Three potential candidates are regularly mentioned -- Glenn Hubbard, a past adviser to Bush; Harvard economist Martin Feldstein; and Fed Governor-turned-White House adviser Ben Bernanke. But the White House has indicated it also is looking elsewhere, possibly toward Wall Street.

[Jesse_Ewiak]

Judging by his past choices, his personal accountant?

[Solecismic]

Originally Posted by Jesse_Ewiak

Judging by his past choices, his personal accountant?

Too on-topic. I'm thinking, based on the lottery woman becoming a Supreme Court justice, that maybe it's his favorite cashier at the Crawford, Texas Wal-Mart.

[Buzzbee]

I'm thinking he'll name Cindy Sheehan.

[digamma]

Originally Posted by John Galt

Three potential candidates are regularly mentioned -- Glenn Hubbard, a past baseball adviser to Bush when he owned the Texas Rangers.

Your starting Federal Reserve Chairman, second baseman Glennnnnnnnn Hubbard!!!

[John Galt]

Originally Posted by M GO BLUE!!!

I'm thinking Jenna Bush

Do you have kleenex in hand?

[Raiders Army]

L. Ron Hubbard?

[CamEdwards]

Originally Posted by Solecismic

Too on-topic. I'm thinking, based on the lottery woman becoming a Supreme Court justice, that maybe it's his favorite cashier at the Crawford, Texas Wal-Mart.

Not crony enough. Think Bud Selig.

[Young Drachma]

I was thinking this, too. I wasn't sure who he'd pick, but given the recent state of affairs..someone obscure and who converted to Christianity in their midlife. Preferably with ties to big oil, big corporate or Texas. A bonus for all 3.

[Young Drachma]

And then said person gets endorsed by someone who comes out and says that he or she is a "fair-minded" person who is "respected by all"

Hey, I'm getting good at this.

[CraigSca]

Al Gore, baby! He's available!

[lytic]

Originally Posted by digamma

Your starting Federal Reserve Chairman, second baseman Glennnnnnnnn Hubbard!!!

classic!

[John Galt]

bump.

Bush is set to nominate Greenspan's successor today:

http://money.cnn.com/2005/10/24/comm...ex.htm?cnn=yes

[Crapshoot]

My money's on Bernanke - though the Economist endorsed Don Kohn, since he is known to be non-partisan.

[flere-imsaho]

My money's on the former White House Procurement Officer who was convicted of fraud or something.

[amdaily]

I heard insiders think it is going to be the White House cook.

[John Galt]

CNN is reporting it is Ben Bernanke. Crapshoot was right.

[kcchief19]

My initial impression is that Bernanke is a heck of a choice. Excellent credentials, consistent continuation of Greenspan's policies and a refreshing lack of cronyism.

I was a bit skeptical of his rants about "disinflation" and I'm a little concerned that he is not highly critical of large budget deficits, but considering that I was afraid Neil Bush was going to be the next Fed chair, I'm pleasantly surprised.

[Glengoyne]

Honestly I have to give somewhat of a sigh of relief. This is just as big a decision as the Supreme Court nominee, and I think we know what a debacle the Miers thing is going to be.

[Dutch]

Originally Posted by Crapshoot

My money's on Bernanke - though the Economist endorsed Don Kohn, since he is known to be non-partisan.

Well done.

I wonder who the left would have liked to see in this position.

[flere-imsaho]

Originally Posted by Dutch

I wonder who the left would have liked to see in this position.

Al Franken, obviously.

Anyway, seems like a reasonable choice. He's clearly qualified for the job, which is a refreshing change for Bush appointments. I also like that he's a proponent for more "transparency" from the Fed with regard to their policies.

[Dutch]

Originally Posted by flere-imsaho

Al Franken, obviously.

Anyway, seems like a reasonable choice. He's clearly qualified for the job, which is a refreshing change for Bush appointments. I also like that he's a proponent for more "transparency" from the Fed with regard to their policies.

But you'd know a bad choice when you see one, but not a good choice (pre-pick, that is). Got it.

[Logan]

Originally Posted by Glengoyne

Honestly I have to give somewhat of a sigh of relief. This is just as big a decision as the Supreme Court nominee, and I think we know what a debacle the Miers thing is going to be.

Personally, I think its a much more important decision than the Court nominees.

[st.cronin]

I've always thought the ability to turn two was overrated for a fed chairman. Get me a guy that can get on base, make the routine play, hit for a little power, keep inflation down while growing the economy at a reasonable, sustainable pace.

[MrBigglesworth]

Originally Posted by Dutch

I wonder who the left would have liked to see in this position.

Who cares? Not a lot of people have a strong opinion of the best economists out there, I certainly don't. It seems to me that all the lefty economists that I have read like the choice, so I guess it's a good one, because they would be the first to jump on it if it wasn't. The worst criticisms I have read are about his deflation policy, which was by a conservative blogger (hxxp://cunningrealist.blogspot.com/).

[flere-imsaho]

Originally Posted by Dutch

But you'd know a bad choice when you see one, but not a good choice (pre-pick, that is). Got it.

What do you want from me, blood?

Maybe if I knew more about prominent economists I'd be able to say, pre-pick, whom I thought were good candidates. Since I don't, I can only really make an assessment on the information as it comes available, and that only really results in "he looks reasonable" or "he's an obvious crony".

Admit it, though, you wanted me to say Robert Reich, didn't you?

[QuikSand]

Originally Posted by flere-imsaho

I also like that he's a proponent for more "transparency" from the Fed with regard to their policies.

I'll go on the record with a somewhat contrarian view -- I think this may turn out to be a pretty bad idea.

[NoMyths]

Originally Posted by QuikSand

I'll go on the record with a somewhat contrarian view -- I think this may turn out to be a pretty bad idea.

Bah...what do you know about crunching numbers?

[Young Drachma]

Story

Apparently, this Bernacke guy is a baseball stat head. And he believes - and has for years - that the ERA formula should be changed to reflect runners left on base. Because of inheireted runners and all that. I thought it was interesting. So, what would adjusted ERA look like? Would those runners be charged half to the reliever and half to the pitcher who left them on base?