By John Tamny of RealClearMarkets
Yesterday President Obama confirmed what futures markets seemingly already knew, that Ben Bernanke would be reappointed as Fed Chairman. Whatever one’s opinion of Bernanke, his successes and failures will now reflect on the man who chose to keep him in place at the Federal Reserve.
Bernanke’s reappointment is yet another reminder that Washington is truly a different world. While business failures in the private sector are routinely starved of capital so that they can no longer bring harm to customers and investors alike, Washington failures get reappointed and are handed an expanded portfolio of duties.
About Bernanke, regardless of all the investor talk about the need for continuity and certainty within the world’s most important central bank, the simple reality is that Bernanke’s tenure has not been an impressive one. And whatever one’s opinion of Alan Greenspan, it can’t be stressed enough that he was mostly popular precisely because throughout the majority of his chairmanship, the economy and stock markets were doing pretty well.
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