Who will follow Greenspan?
Alan Greenspan will be leaving the Federal Reserve Board Chairmanship at the end of next year. He's held the position since august 1987.
USA Today carries a short AP story on potential replacements: "Bush's big economic pick will be next Fed chairman"
- "With Bush's re-election, the focus is on Republicans. Candidates include Harvard economics professor Martin Feldstein, chairman of the Council of Economic Advisers during the Reagan administration; Columbia University professor Glenn Hubbard, who was Bush's first CEA chairman; Treasury Undersecretary John Taylor; and Federal Reserve board member Ben Bernanke.
Handicappers generally put Feldstein, 65, at the top of the list, in part because he is the best known. He has had a distinguished teaching career at Harvard and served from 1982 to 1984 as chairman of the CEA, a post that Greenspan used as a stepping stone to the Fed job.
Some believe Hubbard, at 46 the youngest on the list, might have an inside track because of his strong support for Bush's tax cuts. Also, doubts linger among some conservative GOP supply-siders about Feldstein, given his reputation as a deficit hawk.
Taylor, 57, gained prominence as a monetary expert at Stanford University before coming to Treasury. He developed the "Taylor rule," a formula designed to aid the Fed in setting interest rates. He has had trouble making an impact on administration economic policy in his current job.
Bernanke, 50, is viewed as the dark horse. Little known outside academic circles before coming to the Fed board in August 2002, Bernanke has impressed veteran Fed watchers who have started to read his speeches carefully for insights into Fed thinking on a range of economic issues."
Comments