RobertB
February 4th, 2008, 09:15 PM
The future may be bleak for Ben Bernanke
Times of London ^ | 02/05/08 | Gerard Baker
February 5, 2008
The future may be bleak for Ben Bernanke
Last week, in a rare sign that wise counsel can still prevail over political expediency, Mervyn King was reappointed Governor of the Bank of England. Unpleasant noises had been emerging from Downing Street as his reappointment was being considered over the past few months, but Mr King's evident mis-steps in the Northern Rock affair should never have been enough to counterbalance the remarkable contribution he has made to the performance of the British economy in the past decade.
As deputy governor and then as Governor, Mr King led the Bank through the first decade of its monetary policy independence. It was especially encouraging that in these difficult political circumstances for the Prime Minister and Chancellor, and at a time when central bank independence is not quite as popular as it was a few years ago, that they bit the bullet and reappointed him.
In the United States, as Mr King was celebrating a new lease, Ben Bernanke, his counterpart at the Federal Reserve, was marking the halfway point in his first term as Chairman. Mr Bernanke, a moderate Republican, was appointed to the job by President Bush and took office on February 1, 2006. His term expires in two years, but his prospects of getting another may be considerably dimmer than Mr King's.
http://www.freerepublic.com/focus/f-news/1965010/posts
Times of London ^ | 02/05/08 | Gerard Baker
February 5, 2008
The future may be bleak for Ben Bernanke
Last week, in a rare sign that wise counsel can still prevail over political expediency, Mervyn King was reappointed Governor of the Bank of England. Unpleasant noises had been emerging from Downing Street as his reappointment was being considered over the past few months, but Mr King's evident mis-steps in the Northern Rock affair should never have been enough to counterbalance the remarkable contribution he has made to the performance of the British economy in the past decade.
As deputy governor and then as Governor, Mr King led the Bank through the first decade of its monetary policy independence. It was especially encouraging that in these difficult political circumstances for the Prime Minister and Chancellor, and at a time when central bank independence is not quite as popular as it was a few years ago, that they bit the bullet and reappointed him.
In the United States, as Mr King was celebrating a new lease, Ben Bernanke, his counterpart at the Federal Reserve, was marking the halfway point in his first term as Chairman. Mr Bernanke, a moderate Republican, was appointed to the job by President Bush and took office on February 1, 2006. His term expires in two years, but his prospects of getting another may be considerably dimmer than Mr King's.
http://www.freerepublic.com/focus/f-news/1965010/posts