Two immediate thoughts come to mind about this, one economic and one political:
1) Ben Bernanke is a safe, strong choice, sure to be liked by both the Bond and Equity markets. He has already shown a gift for Jawboning, which has evolved into a key aspect of the Fed Chair’s job. One can only hope that his infamous "printing press" comments — essentially threatening hyper-inflation as a response to Deflationary concerns — was just so much Jawboning.
2) The Fed chair replacement comes amid the tumult of the Harriet Miers Supreme Court nomination, the previous black eye of the FEMA chief Brown — and not even discussing the problematic appointments of the poor planning in Iraq post-War period — this is one appointment that the pro-market White House wouldn’t dream of risking on anything less than a stellar candidate, and that have one in Bernanke. We should expect an easy confirmation.
As a side note, I continue to be stunned by the breadth of the Princeton Economics department continues — not just Bernanke, but Burton G. Malkiel, Alan S. Blinder, Paul Krugman, Alan B. Krueger, Daniel Kahneman (and I have no affiliation with Princeton).
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.