Ben Bernanke to be Named new Chairman of Fed

[ethics]

News conference to announce the new head at 1PM EST.

Markets should be exploding.

[Coot]

Why would the markets be exploding? If Bernake is Bush's economic advisor, I'm not sure this bodes well for the market; as this administration hasn't been listening to him and it hasn't been the most investor friendly of late, at least not according to Larry Kudlow (http://lkmp.blogspot.com/2005/10/off-course.html).

Question: Why haven’t they come out in favor of the House GOP effort to increase mandatory spending cuts and seek a three-percent across the board discretionary cut as per Marsha Blackburn and others? It would get them $500 billion or $600 billion in 10-year savings estimates. Why didn’t the White House signal help for Senator Coburn’s “Bridge to Nowhere” pork-barrel spending cut?

And why isn’t the White House beating the drum for the tax cut extensions on dividends and capital gains? The latest budget data shows that not only are these cuts are self-financing, but they create powerful growth throughout the economy. Ben Bernanke is making this point, but where are the others? And where is the President? And why aren’t they touting the numerous pro-growth recommendations in the Connie Mack tax reform commission? Mack’s group didn’t go far enough on a flat tax type proposal to reform the income tax system, but there are excellent ideas for corporate tax cuts, savings account expansion and AMT elimination.

Again, I repeat my mantra: The Bush Administration and the Republican Senate and House must return to pro-growth first principles for lower spending, lower tax burdens and energy deregulation. A campaign like this would boost the stock market and help rally the investor class.

[ethics]

Hehe, the markets are vast not just stocks. The bonds are going crazy right now because the seat is vital for this market.

Also, the Treasury market doesn't need a good or bad reason, just A reason to pick up the volume. ;)

[tke711]

So how long until we here the "cronyism" drum beat?

[ethics]

Why? The market loves this guy, there were few people who were on par. The lack of the reaction (after the initial reaction) spoke volumes (no pun intended).