The Electric Commentary

Monday, October 24, 2005

Greenspan replacement?

The word on the street is that Bush is going to announce a nominee to replace Alan Greenspan this afternoon. This will be interesting.

Update: It's Ben Bernanke.


  • Granted I'm a bit of an inflation hawk. But this is kinda funny/alarming (from Bernanke's Wikipedia bio):

    He gave a speech in 2002 entitled "Deflation: Making Sure 'It' Doesn't Happen Here" in which he discussed possible Fed actions to prevent deflation. He said "A money-financed tax cut is essentially equivalent to Milton Friedman's famous "helicopter drop" of money", referencing the possibility of a "helicoptor drop" of dollar bills as a last-resort possibility to stop deflation. Inflation hawks started calling him "Helicopter Ben."

    By Anonymous Mike, at 1:20 PM  

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