We have a new Fed Chairman! The funny thing is, I am pretty non-opinionated on this guy. His resume seems pretty strong, and the papers on macro-economics that he has written are well thought out. I mean, he does have a P.H.D., what would you expect. I am surprised he isn't from Texas though, as most appointments from this president have been as of late i.e. Harriet Miers.

Greenspan has been a decent chairman, especially when times were good, but he can't single handedly control inflation. When there is a full on assault on the middle-class and the working poor, dropping the interest 1/4 point does nothing for someone who can't even stay current with their bills, much less finance a home to own. Even Greenspan himself kept trying to tell Bush what he was doing wasn't going to work, Though greenspan is the one who suggested to George H. W. Bush to borrow from social security so that money would not show as a defeceit in the budget. Teaching creative bookkeeping basically, and look where it has gotten us. The national debt is 8,009,326,847,182.94 and the national debt has continued to increase an average of$1.62 billion per day since September 30, 2004, and China holds most of that debt. The budget defcit is forcasted to be over 1.7 Trillion within the decade.

My whole gripe about this is the fact that Reagan's "Trickle down theory" (supply side economics) had proven not to work in the 80's and early 90's, and here we are in the throws of it again. Republican's preach less government and lower taxes, they tag Democrats as "tax and spend". Well, we now sit with a larger government than we have ever had, spent more money than has ever been spent, and cut taxes on the wealthiest families. The government should be run like a houshold budget, you only use credit in an emergency, and if you can't afford it, you don't buy it!

Historically, whenever either party was doing poor they just blamed the previous administration, and now it is becoming clear to many, including members of the sitting party that the current policies do have a major impact on what the economy does. So Reagon and H. W. Bush were responsible for their economies, not Clinton's, and Clinton was responsible for the Economy in the 90's, or their administrations as a whole, not just the individual, but you know what I am trying to say.

So in conclusion, I hope Dr. Bernanke does a satisfactory job, and doesn't listen to people trying to sway him. He should do fine, and as usually in changes of post in levels like this, us working poor will never know the difference. I have included the official biography below.

Snappy


Biography of Dr. Ben S. Bernanke copied from Whitehouse.gov;

Ben S. Bernanke was sworn-in on June 21, 2005 as Chairman of the President'sCouncil of Economic Advisers. Prior to his appointment to the Council, Dr.Bernanke served as a member of the Board of Governors of the Federal ReserveSystem.

Dr. Bernanke was born on December 13, 1953, in Augusta, Georgia. He receiveda B.A. in economics in 1975 from Harvard University (summa cum laude) and aPh.D. in economics in 1979 from the Massachusetts Institute of Technology.

Before becoming a member of the Board, Dr. Bernanke was the Howard Harrison and Gabrielle Snyder Beck Professor of Economics and Public Affairs andChair of the Economics Department at Princeton University (1996-2002). Dr.Bernanke had served as a Professor of Economics and Public Affairs atPrinceton since 1985.

Dr. Bernanke has published many articles on a wide variety of economicissues, including monetary policy and macroeconomics, and he is the authorof several scholarly books and two textbooks. He has held a GuggenheimFellowship and a Sloan Fellowship, and he is a Fellow of the EconometricSociety and of the American Academy of Arts and Sciences. Dr. Bernankeserved as the Director of the Monetary Economics Program of the NationalBureau of Economic Research (NBER) and as a member of the NBER's BusinessCycle Dating Committee. Dr. Bernanke's work with civic and professionalgroups includes having served two terms as a member of the MontgomeryTownship (N.J.) Board of Education.

Dr. Bernanke and his wife, Anna, have two children.