Forum Views ()
Forum Replies ()
Read more with google mobile :
Obama reappoints 'bold' Bernanke as Fed chairman
Yahoo!
My Yahoo!
Mail
Yahoo! Search
Search:
Sign InNew User? Sign Up
News Home -
Help
Navigation
Primary Navigation
Home
Singapore
Asia Pacific
World
Business
Entertainment
Sports
Technology
Top Stories
Most Popular
Secondary Navigation
Search
Search:
Obama reappoints 'bold' Bernanke as Fed chairman
AFP - Wednesday, August 26
OAK BLUFFS, Massachusetts (AFP) - - President Barack Obama Tuesday awarded Federal Reserve Chairman Ben Bernanke a second term, saying his bold "out-of-the-box" thinking would help steer the US economy out of the worst slump since the 1930s.
ADVERTISEMENT
Obama suddenly interrupted his vacation on the resort island of Martha's Vineyard to make the announcement, praising Bernanke's battle against "one of the worst financial crises that this nation and the world have ever faced."
Lauding the cerebral Bernanke for learning lessons of the 1930s Great Depression, and his background, temperament, courage and creativity, he said the Fed chief was the ideal man to help lead the economic rebound.
"Ben approached a financial system on the verge of collapse with calm and wisdom, with bold action and out-of-the-box thinking that has helped put the brakes on our economic freefall," Obama said.
The president warned however that the economy and the financial system had a "long way" to go before its full health was restored.
Bernanke, 55, is expected to win Senate confirmation for his reappointment, but could face stiff questioning from some lawmakers who believe he did too little to stave off the recession and protect consumers.
Obama's announcement, on what aides had billed as a "no news" vacation, prodded stocks upward from the opening bell with the Dow Jones Industrial Average up 54.79 points (0.58 percent) at 9,564.07 in morning trade.
It may also dampen criticism of the president's economic management on a day when his Office of Management and Budget projected a huge 9.05-trillion-dollar US government budget deficit over the next 10 years, up two trillion dollars from its previous estimate.
Obama's move could also suck media interest away from a flurry of lawmakers' town hall meetings featuring attacks on his limping health care reform plan and a new row over Bush-era "war on terror" tactics.
Obama's praise for Bernanke read like a defense of his own economic policy, which is facing mounting opposition as his political approval ratings decline.
"Almost none of the decisions that he or any of us made have been easy," he said, mentioning auto and financial industry rescues and his administration's bumper economic stimulus package.
"Taken together, this bold, persistent experimentation has brought our economy back from the brink."
Bernanke admitted the Federal Reserve had been challenged by the unprecedented events of recent years.
"We have been bold or deliberate as circumstances demanded," he said, adding that his objective was to restore a stable financial and economic environment.
Some experts had predicted that Obama would replace the central banker with one of his top advisors Larry Summers for the new term beginning next year.
"There's been a lot of speculation out there, and the president wanted to put it to rest," spokesman Bill Burton said.
Bernanke was selected as Federal Reserve chairman by Obama's predecessor George W. Bush in 2005 to replace retiring Fed chairman Alan Greenspan, who served for 18 years and presided over a golden era of economic prosperity.
He has enjoyed broad support on Wall Street, for the sweeping and sometimes unorthodox methods he has used to save the banking sector, redefine the financial industry and keep the recession from turning into a depression.
Senate banking committee chairman Chris Dodd said Obama had probably made the right choice but vowed to hold a "thorough and comprehensive confirmation hearing."
He criticized the Fed chief for being "too slow to act during the early stages of the foreclosure crisis," although the senator acknowledged that Bernanke "ultimately demonstrated effective leadership and his reappointment sends the right signal to the markets."
Democratic Senate Majority Leader Harry Reid said he backed Bernanke's nomination, saying it would bring "continuity" to the Fed and "send the right signal to the marketplace," and predicted he would win Senate confirmation.
The Financial Services Forum, comprised of 17 top US financial services firms, welcomed Obama's move.
"His understanding of the crisis and experience combating it will be critical as regulatory authorities work together to further normalize markets," said the group's president Rob Nichols.
Email Story
IM Story
Printable View
Blog This
Sign in to recommend this article »
0 users recommend
Related Articles: Obama's Presidency
Obama reappoints 'bold' Bernanke as Fed chairmanAFP - Wednesday, August 26
Obama reappoints Bernanke as Fed chairmanAFP - Wednesday, August 26
US judge nixes gay marriage suit that snared ObamaAP - Tuesday, August 25
Obama approves new US interrogation team: reportAFP - Monday, August 24
Related Full Coverage
Obama's Presidency
What change will Obama bring? Will it affect the rest of us globally?
All Full Coverage
Most Popular – Top Stories
Viewed
Jackson killed by drugs cocktail: court
Global stock markets up, hit 10-month highs
NASA begins filling Discovery's external fuel tank
Homes of former Porsche executives searched: report
France to claim exclusive Mediterranean fishing zone
View Complete List »
Search:
Home
Singapore
Asia Pacific
World
Business
Entertainment
Sports
Technology
Top Stories
Most Popular
Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved.
Privacy Policy
- Terms of Service
- Community
- Intellectual Property Rights Policy
- Help
Other News on Wednesday, 26 August 2009 Afghan bomb blast kills 36: police
extends reach into Arab world with Maktoob buy
Oil hits $75 for first time in 10 months
British PM upbeat after talks with Israel's PM
High bidder 'can't pay' for crypt atop Monroe
Frenchman hurt by 'exploding iPhone'
Israel's Netanyahu says seeking settlements formula
| International
|
Analysis: Iraq's premier must work to keep job
Yahoo to launch Arabic portal with Arab partner
Russia says nothing suspicious found on Arctic Sea
| International
|
Diplomats: Iran's enrichment program stagnates
Britain threatens to cut Internet for online pirates
UK, Israel warn Iran over nuclear program
| International
|
Iraq recalls envoy to Syria over truck bombings
Biel tops Pitt as 'most dangerous' celebrity on Web
European court raps Italy over G8 Genoa protests
| International
|
Iran resumes mass trial of opposition figures
UK proposes cutting Web access to file sharers
Head of troubled Darfur peacekeeping force resigns
| International
|
Karzai ahead in early Afghan election results
Qaeda-linked group claims bloody Baghdad attack
Netbook pioneer Asustek eyes recovery; bets on China
Iraq suspends decision to pull down blast walls
White House, Congress projects record deficits
Remains found in Alaska could be 1,000 years old
NKorea report says a senior military official dies
Transients board locomotive in Colo., get arrested
NKorea invites US envoys for talks, report says
Union wants ban on lithium batteries in cargo
Calif. school still closed after pipe bomb attack
Official: Explosion hits southern Afghan city
Official: Huge explosion hits southern Afghan city
Obama reappoints 'bold' Bernanke as Fed chairman
Pakistani Taliban say chief Baitullah Mehsud dead
Chinese president visits restive Xinjiang region
China mine blast kills 14: govt
3 dead in barn after standoff in northeast Tenn.
Karzai, Abdullah at 40 percent in partial returns
Man convicted in brutal slayings of Tenn. couple
Malaysian court puts caning of woman on hold
Hikers rescued in Alaska after journey into wild
Papa John's founder finds his beloved 1971 Camaro
Russia, Mongolia create uranium joint venture
HCL Technologies quarterly profit surges 110 pct
Daewoo to make $1.7 bln investment in Myanmar
Jessica Biel tops list as most risky star in cyberspace
| Entertainment
|
Pete Townshend plans new musical Floss
| Entertainment
|
Canada police know woman with accused model killer
| Entertainment
|
Orthodox Church condemns Madonna gig in Bulgaria
Los Lonely Boys to release 1969 tribute EP
| Entertainment
|
Bulgaria's church deplores Madonna concert
Caillat has a 'Breakthrough' with sophomore CD
LaToya Jackson appearing on '20/20' next month
Budget impasse forces Shyamalan movie from Pa.
Q&A: After `300,' Gerard Butler is still battling
Head of troubled Darfur peacekeeping force resigns
Russia seizes Norwegian yacht: border guards
North, South Korea hold rare talks on split families
| International
|
US ranks 28th in Internet connection speed: report
US inches toward dialogue with NKorea
Zimbabwe's Mugabe treated in Dubai hospital: paper
| International
|
NASA calls off Discovery launch
New ETA arms caches found in France
Iraq focuses bombings blame on operatives in Syria
Sony adds wireless e-reader as Kindle rival
Profile of swine flu begins to emerge: study
GM still wants to sell Opel: sources
Top reformist confesses in Iran political trial
YouTube to share ad money with more video makers
U.S. limits visas in Honduras, stepping up pressure
| International
|
Sony unveils new e-reader in Kindle challenge
Oil price hits ten-month peak at 75 dollars
Indonesian police arrest suspect over hotel blasts
| International
|
Australia Aborigines ask U.N. for refugee status
| International
|
Multitaskers distracted by everything: study
Iran puts leading reformers on trial over unrest
Chavez threatens break with Colombia
| International
|
Armstrong twitters up Dublin bike ride
Bomb kills 40 in Afghanistan's Kandahar: police
The Pirate Bay back online after fine threat
German prosecutors seek life for 'veil martyr' killer
Argentine farmers call new anti-government strike
| International
|
Iraq and Syria recall envoys over bombing claims
Sony adds wireless e-reader as Kindle rival
Sony unveils new e-reader in Kindle challenge
Sony adds wireless e-reader as Kindle rival
| Technology
|
YouTube to share ad money with more video makers
| Technology
|
Attorney: Alleged Iowa coach shooter incompetent
Car bomb blasts in Afghanistan kill at least 41
Tongans hold funeral service at sea for ferry dead
Chicken owner shoots own leg while hunting opossum
Taiwan FM offers resignation over typhoon blunder
Indonesian police arrest suspect over hotel blasts
'Drats!' Valve trouble postpones shuttle launch
US inches toward dialogue with NKorea
Most China organ transplants come from death row
Obamas visit top adviser's home, then go to dinner
Rocket launch: SKorea fails to contact satellite
MEMO FROM MARTHA's: Chief golfs with his chef
Karzai, top rival run about even in Afghan returns
LA school board approves school choice plan
N.Korea may invite U.S. for nuclear talks
New park offers X-rated views of NYC hotel guests
California Catholics try TV to draw churchgoers
Video allegedly shows 'executions' in Sri Lanka: report
Workers at home where chaplain fell criticized
Drunk man found at grocery store eating avocados
China Life first half profit up 15 percent
Toyota to cut production capacity at Japan factory
Toyota to slash world production capacity: reports
Seoul shares up 0.4 pct; NCSoft, Korea Beral spike
S.Korea Aug consumer sentiment hits 7-yr high
Air China sees first half profit more than double
Chris Brown sentenced in LA for assault
| Entertainment
|
Korea Hot Stocks
Sale falls through on crypt above Marilyn Monroe
| Entertainment
|
Seoul shares open up; NCSoft, Samsung Techwin gain
US-ENTERTAINMENT Summary
Epson pleads guilty to price-fixing, to pay 26 mln dlr fine
Extract distilled from human stupidity
| Entertainment
|
India says Delhi talks aimed at building WTO consensus
NJ court appearance for comic Artie Lange delayed
Sale falls through on crypt above Marilyn Monroe
Chris Brown sentenced in Rihanna assault case
Ga. judge: Accused Miley Cyrus stalker 'a danger'
Billboard names Beyonce as 'Woman of the Year'
Argentina legalizes personal marijuana possession
Abdul to host 'VH1 Divas' Sept. 17 concert special
B'way's 'West Side Story' has a minor lyric change
Paisley, Underwood return as hosts of CMA Awards
Karzai widens lead in Afghan vote
French hostage in Somalia freed 'without violence'
Karzai leads in Afghan poll, run-off indicated
| International
|
Google Maps tracking traffic flow
German firms most bullish since crisis began
Russia admits mystery ship may have had suspect cargo
Advertising giant WPP profits slump in first half
Toll in Kandahar bomb at least 40: police
Abbas to call election if talks with Hamas fail
| International
|
Singer Chris Brown sentenced for Rihanna assault
Iran's Khatami says trial confessions invalid
| International
|
Bomb kills 40 in Afghanistan's Kandahar: police
Iraqi Shi'ite party leader dies, successor eyed
| International
|
Swelling US deficit threatens Obama reforms
Forensic experts unearth 60 Bosnian war victims
| International
|
French hostage escapes from rebels in Somalia
| International
|
Russia eyes landmark purchase of French assault ship
| International
|
Madagsacar leaders still deadlocked over top job
| International
|
Pakistani forces launch air attack on Taliban
| International
|
US-TECH Summary
Nokia to launch mobile financial service
| Technology
|
Nokia bets on Linux in iPhone battle: sources
| Technology
|
House gets guerrilla ad treatment
| Technology
|
IBM, Indian outsourcers win services deal from BP
| Technology
|
Official: Dalai Lama to visit Taiwan
Thai tennis star launches new herbal Viagra
Malaysian opposition wins bellwether vote
Kennedy successor to be chosen by special election
Upstart party has already changed Japan politics
Sen. Kennedy's death leaves 1 Kennedy sibling
Hope, reality collide in post-Katrina New Orleans
Ted Kennedy: Senator, family patriarch, dead at 77
Koreas to hold first Red Cross talks in 2 years
Text of Obama statement on Kennedy
UN says ex-rebels breached Nepal peace agreement
Israeli PM resists US pressure over settlements
Interrogation probe steams those on right and left
Most lawmakers and analysts welcome Bernanke news
Russia deploys air defence over N.Korea missile tests
AP IMPACT: Politics can drive stimulus priorities
Schwarzenegger mourns loss of `Uncle Teddy'
Pakistani Taliban seen as regrouping
House gets guerrilla ad treatment
| Entertainment
|
Taiwan dollar ends slightly lower on outflows
CNOOC says 1H profit down 55 pct on lower prices
S.Koreans most upbeat since 2002 but president cautions
Thai interest rate unchanged amid recovery doubts
Japan trade surplus rises for second month
Pakistan's medium-term outlook still fragile
SKorea to ratify EU free trade deal soon: Speaker
Indonesian police detain suspect in hotel bombings
Disputed time in Jackson case could be key
'Prince of Jihad' arrested in Indonesia: police
Mongolia tax repeal clears way for $4 bln mine
Peter Horton: 'thirtysomething' lacked big 'but'
Vietnam says inflation slowing
US race row raises questions over Bollywood spin
Seoul shares post highest close in 13 months =2
In greying Japan, youth may turn out to rock the vote
Mexico players fight for pre-Hispanic game site
'Bamboo schools' bring hope to Nepal's poor
Lee Young-ae marries businessman in US
"Extract" distilled from human stupidity
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights