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Bush Names His Economic Advisor to Fed Reserve

By Last Night in Little Rock, Section Other Politics
Posted on Mon Oct 24, 2005 at 12:12:21 PM EST
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by Last Night in Little Rock

President Bush today named his top economic advisor, Ben Bernanke, to replace Allen Greenspan when Greenspan's retirement becomes effective at the end of January.

One of the architects of the "No Millionaire Left Behind" economic strategy that has left the middle class in ruins (see here on why it matters to the middle class), we are sure that the Republican controlled Congress will approve, unless, of course, the Republicans in Congress have revolted against the administration after Rovegate hits the fan.

With a $7T deficit, and the Administration spending money like the Rapture will avoid responsibility for the debt and China buying T-Bills like they intend to own us, no Bush economic advisor is worthy of anything.

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    Bush Names His Economic Advisor to Fed Reserve | 4 comments (4 topical)
    Re: Bush Names His Economic Advisor to Fed Reserve (none / 0) (#1)
    by Talkleft Visitor on Sat Dec 17, 2005 at 01:05:19 PM EST
    Bernanke was on the Federal Reserve Board until last year. Are you sure he was an architect of Bush's economic plans?

    Re: Bush Names His Economic Advisor to Fed Reserve (none / 0) (#2)
    by owenz on Sat Dec 17, 2005 at 01:05:19 PM EST
    From what I've read he's more in the Keynesian school that says that tax cuts are good for stimulating the economy...but only for within reason, and only for as long as that stimulation continues to work. The National Review doesn't trust him, which is nice: http://www.nationalreview.com/nrof_comment/tamny200508110924.asp Choice quote: "Bernanke recently weighed in with his opinions on the economy in the Journal, and while he lauded tax cuts, free trade, and legal reform, a supply-sider he is not. His views on how tax cuts impact the economy, his odd interest in demand charts, and not to mention his discredited beliefs about "limits" to growth and "full" employment, should have Bush supporters concerned. About taxes, Bernanke spoke of "fiscal stimulus" that has diminished "in the past few quarters." Bernanke is clearly in the Keynesian camp on taxes, holding that they should be reduced during times of slack demand and increased when economic growth reaches its natural "limits." While Keynesians see tax cuts through a demand-driven, short-term stimulus prism in which their impact gradually recedes, supply-siders encourage marginal rate cuts for their long-term (and continuous) incentive effects on economic activity. The distinction between the two schools of thought is crucial, particularly given the growing influence of the Fed on Capitol Hill."

    Re: Bush Names His Economic Advisor to Fed Reserve (none / 0) (#3)
    by john horse on Sat Dec 17, 2005 at 01:05:20 PM EST
    Tax and borrow Republicans.
    Is that fair to our children? If we keep borrowing at this level, won't the Arabs or the Chinese eventually own this country? "I am not worried about that..." (Rep. Connie Mack - head of Bush's tax reform panel)
    Re: Bush Names His Economic Advisor to Fed Reserve (none / 0) (#4)
    by Talkleft Visitor on Sat Dec 17, 2005 at 01:05:21 PM EST
    economic strategy that has left the middle class in ruins Please define "middle class" as it is used in this sentence. Liberals and conservatives alike are notorious for defining this particular term to mean very different things depending on who is doing the talking and what they are trying to say. One of the architects of the "No Millionaire Left Behind" As noted above, some evidence to back this claim up would be helpful. With a $7T deficit, and the Administration spending money like the Rapture... Forgettng the obvious quibble that the Democrats are helping out with a lot of that spending...Here here. Will you join me in calling for an immediate and across the board cut of 25% in all discretionary federal spending? After all, even with no deficit, a lot of federal programs are difficult to justify; with a $7T deficit, justifying them is impossible.

    Bush Names His Economic Advisor to Fed Reserve | 4 comments (4 topical)