Ben Bernanke, whom New York's Jim Cramer predicts "will go down as the greatest Federal Reserve chairman in history," will be appointed to a second term by the president today. "The president thinks that Ben’s done a great job as Fed chairman, that he has helped the economy through one of the worst experiences since the Great Depression and that he has essentially been pulling the economy back from the brink of what would have been the second Great Depression," Rahm Emanuel said last night. Though some Democratic economists had been mentioned in connection with the job, Obama staffers said the president had made his decision several weeks ago and hadn't seriously considered anyone but the Republican former Princeton professor and Bush appointee, who spent years studying how the Great Depression could have been avoided. The decision is being announced this morning in Oak Bluffs on Martha's Vineyard.
Obama to Nominate Bernanke to 2nd Term at Fed [NYT]
Related: Read Cramer's June 5 column, "How Ben Bernanke Saved Us From a Second Great Depression."