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Fed Chairman Bernanke To Be Re-Appointed
By
Jen Chung
Published Aug 25, 2009
Modified Aug 25, 2009
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By
Jen Chung
Published Aug 25, 2009
Modified Aug 25, 2009
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President Obama will re-appoint Federal Reserve chairman Ben Bernanke, the Wall Street Journal reports, "opting for continuity in U.S. economic policy despite criticism in Congress of the low-key central banker's frantic efforts to rescue the financial system." White House chief of staff Rahm Emanuel said, "The president thinks that Ben’s done a great job as Fed chairman, that he has helped the economy through one of the worst experiences since the Great Depression and that he has essentially been pulling the economy back from the brink of what would have been the second Great Depression."
Another positive for Bernanke—investors and economists like him and may feel comforted he's staying on. The NY Times reports, "Most economists now predict that the United States recession either has already ended or is about to end very soon. Although unemployment is 9.4 percent, higher than at any time since the early 1980s, a wide array of indicators suggest that the economy has hit bottom and is about to begin a slow if painful recovery." Senator Christopher Dodd (D-Connecticut) said in spite of his "serious differences with the Federal Reserve... I think reappointing Chairman Bernanke is probably the right choice," but promised a "thorough" confirmation hearing.
Obama made the announcement from his vacation in Martha's Vineyard (Bernanke will be there) and his prepared remarks include, "As an expert on the causes of the Great Depression, I’m sure Ben never imagined that he would be part of a team responsible for preventing another. But because of his background, his temperament, his courage, and his creativity, that’s exactly what he has helped to achieve."
Tagged
ben bernanke
economy
federal reserve
great depression
president obama
recession
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
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