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Greenspan's Successor

President Bush announced today the nomination of Ben Bernanke to replace Alan Greenspan as Chairman of the Federal Reserve Board. Greenspan will retire in January, after 18 years on the job.

Bernanke is the White House's top economic adviser, which would prompt yet more accusations of cronyism in the Bush Administration, except for the fact that Bernanke is a tad more qualified for this job than Harriet Miers appears to be for hers. But let's be honest, this appointment may be as important as any SCOTUS appointment, if not more important.

Bernanke, now chairman of the president's Council of Economic Advisers, received his bachelor's degree in economics from Harvard, his Ph.D. from MIT. He was a professor at Princeton University and chaired its Economics Department. He's published numerous articles and several books. And he served on the Federal Reserve's Board of Governors for nearly three years.

Comments by Bush, Bernanke, and talking heads available here.