Bush picks Bernanke as new fed chair

He has a decent pedigree it’s true. Bush could have done worse. People were freaking worried after the Miers appointment. But I guess it had to come from the white house. No one else would do.

Donald Kohn would have been nice or Robert Robin would have been a godsend but that was politically impossible.

I’m worried ( and wall street is ecstatic – at least in the short term ) that he may relax the fed’s stance. Actually I’m almost 100% sure that he will. So yay housing stocks and housing.

From The Onion:

After 18 years of service, Alan Greenspan is retiring as chairman of the Federal Reserve at the age of 79. What do you think?

“He’s irreplaceable. This Bernanke guy may be an anti-inflation fiscal conservative, but you just can’t run the Fed if you’ve never screwed Ayn Rand.”