Thread: FORMER FED GOVERNOR: Obama 'Basically Fired Ben Bernanke On The Spot'

FORMER FED GOVERNOR: Obama 'Basically Fired Ben Bernanke On The Spot'

MATTHEW BOESLER JUN. 18, 2013, 6:03 PM 24,684 45

REUTERS/Larry Downing

Last night, President Obama said in an interview, "Well, I think Ben Bernanke's done an outstanding job. Ben Bernanke's a little bit like Bob Mueller, the head of the FBI - where he's already stayed a lot longer than he wanted or he was supposed to."That raised some eyebrows and really turned up the volume on the conversation today regarding potential successors to replace Bernanke when his term as Chairman of the Federal Reserve expires in January.

In an interview with CNBC this afternoon, former Fed Governor Larry Meyer said Obama "basically fired Ben Bernanke on the spot" last night.

"This is really remarkable," said Meyer. "I almost fell off my chair when I heard the President's remarks last night. He basically fired Ben Bernanke on the spot, and gave a fairly tepid testimonial afterward."

When pressed on his comments, Meyer said, "Of course, it's unclear what the President wants. You know, there's always a bit of hyperbole when I talk, but look: the President said [Bernanke] stayed 'longer than he wanted to and was supposed to.' What does that mean? I am just befuddled. So, that's why I started like that."

Meyer, who served with Federal Reserve Vice Chairman Janet Yellen on the Board of Governors in the 1990s, thinks Yellen is the most likely candidate to replace Bernanke next year.

READ MORE — How Janet Yellen, frontrunner to replace Bernanke, became the most powerful woman in history



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http://www.businessinsider.com/larry...ernanke-2013-6

Ben Bernanke To Close Friends: I Won't Stay At The Fed For A Third Term Reuters | Posted: 10/23/2012 7:13 am EDT Updated: 10/23/2012 2:46 pm EDT



Oct 23 (Reuters) - U.S. Federal Reserve Chairman Ben Bernanke has told close friends he probably will not stand for a third term at the central bank even if President Barack Obama wins the Nov. 6 election, the New York Times reported.

Republican presidential nominee Mitt Romney has already said he would not re-nominate Bernanke if he wins the presidency. Bernanke's term as chairman ends in January 2014.

Bernanke, who was first appointed to run the U.S. central bank by former president George W. Bush and was given a second term by Obama, has declined to comment publicly on whether he would accept another four-year term.

"I am very focused on my work, I don't have any decision or any information to give you on my personal plans," he told a news conference last month after the Fed announced a new and open-ended round of bond buying to support the U.S. economy.

The Fed and the White House declined to comment.

The Fed's unconventional efforts to spur growth have been criticized by many Republicans and some economists who argue that they threaten future inflation and abet profligate spending in Washington.

The central bank has promised to keep interest rates near zero until at least mid-2015, but Bernanke told reporters in his last press conference that there was an internal consensus on the latest round of stimulus.

"There is a consensus that even as the personnel change and so going forward, that this is the appropriate approach," he said last month.

Treasury Secretary Timothy Geithner has already made it clear he wants to leave by the end of the year.

Former Treasury Secretary Lawrence Summers would be at the top of Obama's list to replace Bernanke, although his reputation for not being a team player could count against him, New York Times columnist Andrew Ross Sorkin wrote.

Longer shots include Janet Yellen, the vice chairwoman at the Fed, and economist Alan Krueger, a former assistant secretary of the Treasury for economic policy, or even Geithner, Sorkin wrote in his "Dealbook" column.

Glenn Hubbard, who headed the Council of Economic Advisers under George W. Bush, is often mentioned as Romney's most likely nominee for the Fed chairmanship or the top job at the Treasury Department.

http://www.huffingtonpost.com/2012/10/23/bernanke-3rd-term-fed-wont_n_2004680.html