The Federal Reserve

[bestsynd]

Do they have much power?

President Bush Nominates Dr Ben Bernanke to Post of Federal Reserve Chairman

Alan Greenspan will be retiring in January 2006 and President Bush has nominated a former Federal Reserve Governor Ben Bernanke as his successor. Nominated by Ronald Reagan, Alan Greenspan has been the FED chairman for 18 years.

Both Alan Greenspan and Bernanke are considered rich. It is estimated that Alan Greenspan is worth between 4 and 9 million dollars. Bernanke’s wealth is estimated between 1.1 and 5.6 million dollars.

According to Henry Blodget writing for Slate.com Bernanke is an academic economist, and most academics believe that the market is so efficient that stock-picking is usually a waste of time. Some fear Bernanke will be a dove on inflation.