The Chairman of the federal Reserve, Ben Bernanke is attending a meeting in Jackson Hole, Wyoming this week, and reports indicate he will probably not use the platform to talk about another QE measure. Mitt Romney has announced that he will not be appointing Bernanke back to his position, if he should be elected in November.
This decision has been confirmed, even after one of Romney’s economic advisors has confirmed that Bernanke has indeed exerted great effort to be good at his job. Romney has not offered to criticize Bernanke, but instead points out that he simply doesn’t agree with his policies. He told Fox Business he was looking for someone who “shared (his) economic views, that (he) thought was sympathetic to the needs of our nation.”
Ben Bernanke is a strong Republican, who was appointed to his position by President George Bush in 2006, and retained by Obama in 2010. Obama received strong opposition to this selection, and it was from both parties, who disagreed with Bernanke’s tactics.
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Many people in both parties have criticized the Federal Reserve, which under Bernanke’s leadership has taken some unprecedented steps to try to boost the economy and salvage American businesses, including the infamous auto bailout program, which saved GM from bankruptcy. However, it should be noted, that while these moves were seemingly extreme, Bernanke did step forward and take action while others stood around in shock, watching the economy crumble.
Mitt Romney has said that while he won’t reappoint Ben Bernanke, he has not yet considered which person would take his place. Maybe now would be a good time to do that, as an announcement of a strong Federal Reseve Chairman, would definitely be a boon in voter polls, as many people are staring at their shrinking wallets and growing inflation. Obama has yet to propose a budget plan to help salvage the economy, and now would be a great time for Romney, and Paul Ryan to find a strong economic plan. Shortly afterwards, Bernanke responded with a letter expressing possible easing measures the Federal Reserve might take. This seems to be creating a battle over a third round of Quantitative easing (QEIII) between Romney and Bernanke.
Paul Ryan is a brilliant choice for VP as he has already shown his ability to work in the field of economics. He has worked his way up from a low service position to his current nomination as VP, and if Romney can select a Federal Reserve Chairman of the same caliber, it would definitely give them a boost in voter polls.
The Main Event is Friday with Fed Chair Bernanke speaking at Jackson Hole, Wyoming, at 10AM addressing the issues of the day or what we term “the question that won’t go away.”