• From The BBC:

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    Obama: “We will pass the reforms necessary to protect consumers, investors, and the entire financial system”
    President Obama has confirmed that he has nominated Ben Bernanke for another term as chairman of the US central bank, the Federal Reserve.The president took a break from his summer holiday to make the announcement. Mr Bernanke has been praised for taking action to bail out failing banks, which Mr Obama believes has limited the effects of the economic crisis. Mr Bernanke’s initial four-year tenure is to come up for renewal in January. ‘Price stability’Mr Obama said Mr Bernanke had helped prevent a repeat of the Great Depression. “Ben approached a financial system on the verge of collapse with calm and wisdom, with bold action and outside-the-box thinking that has helped put the brakes on our economic free-fall,” the president said. “Our auto industry is showing signs of life. Business investment is showing signs of s…

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    Posted by Jon @ 2:02 pm

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