Romney Advisor: Consider Keeping Ben Bernanke
One of Mitt Romney’s top advisors said recently that Federal Reserve Chairman Ben Bernanke needs to “get every consideration” for another term when his current term expires in 2014. When I saw that headline, I had to go read (and re-read) it for myself. Did he really say that?
Yes. Yes, he did.
I take a little comfort in the fact that Romney has previously said that Bernanke wouldn’t likely be returning as the Chairman of the Federal Reserve if he’s elected president. But Glenn Hubbard (no, not this guy) is a top advisor to Romney, and in that YouTube video I just linked to, one of the possible nominees for Bernanke’s job was Hubbard.
While I’m not very concerned about Romney keeping Bernanke around (he’s been a failure under Bush and Obama…it’s time for him to go), the thought that his replacement could be somebody who thinks Bernanke should be considered for another term scares me.
It’s worth mentioning that Hubbard and Bernanke are friends and have been for a long time, so there’s a chance that he’s just trying to be nice and not call his friend a complete miserable failure in the news. But there’s also the chance that he’d continue in Bernanke’s dollar-destroying ways.
I keep hoping that Romney will surprise me – that the moderate Massachusetts governor will have seen the light on fiscal issues, that he’ll put people in place that will help turn the ship and save our economy. The possibility is there for Romney to be remembered as one of the greatest presidents in our nation’s history. But with his advisors saying things that are, quite honestly, insane, I’m not sure how much hope I should put in a President Romney.
Time will tell, but his choice for replacing Bernanke will come soon in his first term, and that decision may set the tone for fiscal sanity (or insanity) during the next four years.