Bernanke Named Fed Chief

A solid pick and the fact that Kudlow likes him means alot to this blogger.

Kudlow's Take in The Corner:

CEA chair and former Fed governor Ben Bernanke is about to be nominated to succeed Alan Greenspan as Chairman of the Federal Reserve Board. In my view it is a good choice. Though Mr. Bernanke is not a hardcore advocate of the price rule, he does favor an inflation target, which is the second best option. Noteworthy is the fact that in recent speeches he has emphasized the slow and steady 2 percent zone of core inflation and inflation less energy. So he is not as militant as some of the crazed Fed presidents. Bernanke does watch financial market indicators such as the inflation-adjusted Treasury bond and the TIPS spread.

Bernanke will also support an extension of Bush’s tax cuts for capital gains and dividends, and he has told me in the past that raising tax rates would only harm the economy. He is widely respected in the economics profession as a former chairman of the Princeton Economics Department. Thank heavens that Fed board member Donald Kohn, who is a demand-sider and a Phillips Curver, did not get the nod. (I'll be tracking this development closely on my blog, Kudlow's Money Politic$)

btw Ann Coulter is going ballistic again.....her schtick is becoming tiresome. The market appears satisfied as the Dow is up 120 Nasdaq + 20.