That's apparently the message from the Associated Press' "economics writer".
A defeat of Federal Reserve Chairman Ben Bernanke's quest for another four-year term could raise the risk of a "double dip" recession if political jousting over a successor were to drag on for months, economists warn.
Wow, that's what economists say? Like who?
Lynn Reaser, chief economist for the National Association for Business Economics, is among them.
Okay, that's one. Who else?
Um, that's it. Great journalism, AP!
The piece quotes another economist, but that one is whining about the Senate's role in confirming Bernanke for another term.
"Do we get to the point where instead of having an independent Fed chairman who keeps his hand on the wheel and does what is right for the economy, we have a Fed chairman spinning the wheel at the behest of Congress?" says Peter Morici, an economist at the University of Maryland.
Mercy me! Who knew that once George Bush nominated Bernanke, we'd be stuck with him forever and ever, even though he was asleep at the wheel when the economy imploded and is more concerned about keeping inflation down than trying to get unemployment down below 10 percent! That would mess with his "independence"!
The Bush Administration already made a mistake with Bernanke, and the Obama Administration appears desperate to follow suit. In fact, it would've been nice to see Obama fight for real health care reform with the same energy.
But when the White House is incapable of finding a Fed chief interested in Main Street, rather than his pals over at Morgan Stanley, then it's the job of Congress to show that it is still an awake and engaged co-equal branch of government.
And it's time to stop pretending that anything but a Bernanke re-confirmation will somehow lead to economic armageddon. Such fear campaigns were the staple during the Bush years. I have little appetite to see the Obama team follow that same ridiculous path.
Update: ctkeith in the comments:
Berneke was the only "qualified" person in the world to be Fed Chairman. They use to tell us that was Greenspan.