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Monday, October 24, 2005

Paul Krugman's former boss nominated to lead Fed 

George Bush will announce the nomination of Ben Bernanke to succeed Alan Greenspan as Chairman of the Federal Reserve Bank of the United States. Bernanke is currently chairman of the president's Council of Economic Advisors. He moved to the White House last spring from Princeton University, where he served as chairman of the Department of Economics and, therefore, Paul Krugman's boss. Reason enough to get away from the Princeton economics department, I should think.

Krugman, to his credit as a prognosticator, predicted this nomination back in February. Given his universally dim view of Bush's political appointees, one can only imagine how difficult it will be for him to write his next column. Will Krugman dump all over Bernanke, or will professorial comity trump his inner snark?

1 Comments:

By Blogger Helix6, at Wed Oct 26, 05:16:00 PM:

Why would it be difficult for Krugman to write his next column? Bush actually nominated a well-qualified candidate for the Fed Chairmanship -- a very pleasant surprise.

OK, maybe not a surprise in this case. More like... a relief. I'd say congratulations are in order. I'm guessing that Krugman has already offered his to Bernanke privately. If Krugman says anything at all about Bernanke in his next column, it will probably be in the context of a supply-side economics discussion, a subject on which the two men hold differing views.

And why would Bernanke want to get away from Princeton's economics department just because Krugman is there?

Ooooh! I get it! You can't suffer those whose views differ from your own, and so Bernanke shoudn't either!

If I recall correctly, it was Bernenke who brought Krugman to Princeton from MIT, so it appears that Bernanke does not share this particular character... ummm... trait.

And I guess the final question is... Why would you use Bernanke's nomination as a pretext to take a swipe at Krugman in the first place?

Or have I already answered that question?  

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