We have previously noted our surprise that Romney would name two well known Keynesian economists, Glenn Hubbard and Greg Mankiw, both former Chairmen of George Bush’s Council of Economic Advisors, to be his chief economic advisors.
Now Hubbard has not only said that Ben Bernanke should be considered for reappointment as chairman of the Fed, when Romney had already said that Bernanke would not be reappointed. In addition, Hubbard said that Bernanke did an “excellent” job following the Crash.
Let’s hope that the latter comment isn’t Romney’s position too. Presumably it isn’t, since Romney wants to replace Bernanke.
Bernanke by the way is a Republican who was first appointed by Bush and then reappointed by Obama. We wonder how Obama can say that he changed Bush policies while reappointing Bush’s Fed chairman. The truth is that there is little difference between Bush and Obama macro-economic policies, which are both crony capitalist, except that Obama’s deficit spending has dwarfed Bush’s.
These were the policies, especially at the Fed, that brought us the Crash and both administrations and the Fed have doubled down on them since.