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23 July 2009 1:00 PM
People Think He's Good -- Replace Him!
Bernanke isn't indispensable, any more than Alan Greenspan or Paul Volcker or William McChesney Martin were. But everyone thought they were indispensable at the time, and that's a dangerous way to think about these guys. Putting Fed chairmen on a pedestal, as the financial community does routinely, breeds both complacency and insularity. In the long run, it's bad for business.Wall Street needs to calm down and learn that being Fed chairman for a few years doesn't make someone superhuman. The world won't end if Bernanke is replaced by one of the other dozen or so highly qualified candidates available, and Obama should take the chance to demonstrate this when he chooses Bernanke's replacement.
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