Glenn Hubbard says:
“You have to give Ben Bernanke and the Fed high marks for much of their actions,” Columbia economist R. Glenn Hubbard told Reuters TV on Tuesday, referring to the central bank’s actions during the 2008 financial crisis. Asked whether Mr. Romney would consider appointing Mr. Bernanke to a third four-year term, Mr. Hubbard replied, “I would certainly recommend that Chairman Bernanke get every consideration.”
Reporters immediately latched onto Mr. Hubbard’s comments as a sign of internal campaign disagreement, given that Mr. Romney has publicly dismissed the idea of re-appointing the Fed chairman. The better explanation is that Mr. Hubbard, the former chairman of the White House Council of Economic Advisers under George W. Bush, covets the Fed job for himself. What was he supposed to tell his questioner, “Fire Ben and hire me”?
Mr. Romney set the record straight Thursday, telling Fox Business News that he wants a “new person” to fill the Fed chairmanship who is focused on “monetary stability that leads to a strong dollar.” That’s solid advice for whomever takes the job next.
That´s quite the opposite of the monetary stability we want.