IT'S NOT EVEN A QUESTION OF WHETHER HE SHOULD STAY...:

Rehire Bernanke (Investor's Business Daily, 12/03/09)

When Fed chief Ben Bernanke sat before the Senate on Thursday, he was blamed for everything but the Afghan War. Truth is, Bernanke may have kept the U.S. from falling into a Depression.

We're not Bernanke groupies or anything. He's made some mistakes. But the fact is, he is the best person for the job today, and much better than anyone President Obama might come up with.

...but the harm his replacement would do, no matter who that might be. The simple truth is that the Fed exists to fight inflation, thereby guaranteeing the lenders' return on the money we borrow. The last four slowdowns have been caused by waging that fight into the teeth of global deflation, twice by newish chairmen who felt compelled to establish their inflation hawk bona fides. A new chairman would also have to hike rates even though economic conditions make it obvious that policy would be disastrous.

Posted by Orrin Judd at December 4, 2009 5:58 AM