New Fed Chair Announced

The AP reports that Bush has chosen top White House economic adviser Ben Bernanke as Greenspan’s successor. Just the fact that he’s this White House’s top economic adviser makes me think he’ll be a disaster, but Brad DeLong, who knows a hell of a lot more about this stuff than I do, says it’s a good choice (upon which I hope and expect he’ll elaborate later).

As for the Dems’ reaction:

Senate Democratic Leader Harry Reid issued a statement signaling the type of questions Bernanke might expect at his confirmation hearings.

"I look forward to the confirmation hearings to learn more about Mr. Bernanke's views on how the Federal Reserve should steer our economy free from political influence and interference," he said.

Reid, who has been sharply critical of Greenspan for supporting Bush's tax cuts, added, "It will be important that Mr. Bernanke demonstrate that he is committed to guiding the economy to produce results for all Americans rather than promoting partisan policies that benefit special interests and an elite few."

Okay. Does Bush actually appoint anyone who doesn’t promote partisan policies, though?