Thursday, October 06, 2005

Replacing Chairman Greenspan

The next big appointment that President Bush will likely make is that of Chairman of the Federal Reserve. While we tend to focus on Supreme Court appointments, this appointment might be even more important. Greenspan and Paul Volcker before him, are both recognized as Fed Chairmen who really understood the responsibilities and limitations of the Fed, most importantly the ability of the Fed to control inflation.

The NYTimes discussed this appointment in an editorial today. The editorial discusses the worry that the Miers and Brown (FEMA head) appointments concern them when it comes time to appoint a new Fed Chairman. The Times lists four names that are being widely discussed: "Martin Feldstein, a Bush adviser on Social Security and an economics professor at Harvard; Glenn Hubbard, Mr. Bush's former chairman of the Council of Economic Advisers and now dean of Columbia University Business School; Lawrence Lindsey, the former director of the White House National Economic Council; and Ben Bernanke, chairman of the Council of Economic Advisers. "

The Times of course seems to prefer Feldstein and Bernanke as the more "independent" choices. But in reality, all of these men are wonderful options. But just for fun and in the tradition of Harriet Miers, I thought I might find the nominee from left-field that none of us would expect.

Perhaps a Republican Congressman that has owned a small business...two of our local reps would suffice-John Boehner and Geoff Davis have both been businessmen-both are undoubtedly Bush loyalists.

Michael Barton is the Budget Assistant for the White House Office of Administration (he pulls in a cool 47 G's each year) and while this would be a significant promotion, he has worked with budgets and money before. I assume he is someone Bush could trust.

Neil Bush wasn't so successful at his first attempt at banking...but he has a successful business now and would certainly adhere to Bush's principles.

Any other ideas?

Lets hope he picks one of the four mentioned by the NYTimes (I am sure he will)...this is just a little residual venting over Harriet Miers. :)


Blogger Steve said...

I have a great candidate.

How about a computer that does a few simple calculations to ensure that money growth is slightly quicker than GDP growth.

10/06/2005 12:34 PM  

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