Word: greenspan
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...Bernanke may be made in Greenspan's image, but he'll do some things differently. He's known to be plainspoken. "We probably won't have to parse everything he says," says Kleintop. That would be a welcome change from Greenspan's often indecipherable econospeak, which came to be known as "Greenspam." Bernanke, a family man who has served on his school's board, is also known to be slightly more tolerant of inflation in pursuit of policies that promote growth. He has argued for adopting an inflation target rate, and making it public, to help demystify...
...Greenspan, who took over at the Fed just two months before the 1987 stock market crash, will step down on Jan. 31. By then, many believe he'll have finished his nearly two-year campaign of boosting short-term interest rates from the historic lows reached after the Internet bubble burst in 2000. If so, Bernanke would take the helm with the benchmark fed funds rate at about 4.5%, considered neutral in terms of growth, leaving him with plenty of immediate operating room-and just possibly a stock market finally getting some lift...
...Bernanke ’75, President Bush’s top economic adviser, was tapped today to replace Alan Greenspan as chairman of the U.S. Federal Reserve Board...
...Bernanke is the right man to build on the record Alan Greenspan has established,” Bush said, praising the nominee’s “record of excellence as both an academic and policy maker...
...tenure at the Fed and it will continue to evolve in the future,” Bernanke said. “However, if I’m confirmed to this position, my first priority will be to maintain continuity with the policies and policy strategies established during the Greenspan years...