Wednesday, August 26, 2009

All Bush's Fault? Not Any More...

Yesterday President Obama confirmed what futures markets seemingly already knew, that Ben Bernanke would be reappointed as Fed Chairman. Whatever one's opinion of Bernanke, his successes and failures will now reflect on the man who chose to keep him in place at the Federal Reserve.

Bernanke's reappointment is yet another reminder that Washington is truly a different world. While business failures in the private sector are routinely starved of capital so that they can no longer bring harm to customers and investors alike, Washington failures get reappointed and are handed an expanded portfolio of duties.