Obama to Nominate Bernanke to 2nd Term at Fed

President Obama on Tuesday will nominate Ben S. Bernanke to a second term as chairman of the Federal Reserve; administration officials said this will be surely a great success of the Ben S. Bernanke. Mr. Bernanke, a Republican who was appointed by President George W. Bush almost four years ago and who had briefly served as chairman of Mr. Bush’s Council of Economic Advisers. Now President Obama is putting again responsibilities on Bernanke’s shoulders to take out country form the economical crunch and he will announce his decision, with Mr. Bernanke at his side, at 9 a.m. “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,” the White House chief of staff, Rahm Emanuel, said Monday night.

Mr. Obama will announce his decision, with Mr. Bernanke at his side, at 9 a.m. at an appearance at Oak Bluffs School on Martha’s Vineyard, where the Obama family is vacationing this week. The first challenge that he has to face is the housing sector that has to be improved. Bernanke’s comments and the housing news sent Standard & Poor’s 500-stock index up 1.9 percent to a new high this year. The US and global economy “appear to be leveling out”, Bernanke told an audience of some of the world’s leading economists and central bankers, and “prospects for a return to growth in the near term appear good.” He warned, however, that the recovery is “likely to be relatively slow at first,” with unemployment declining only gradually.  So, these all issues should be sort out in order to improve our countries economical situation!