More Greg Mankiw, less Ron Paul please
It compromises the independence of the Fed, which leads to more inflation. It gives rise to turbulence in the markets, which isn't something the government should be promoting in these days. But most importantly, is there any chance that Obama would appoint someone better? Absolutely zero.
I wonder how many of the votes against Bernanke would still have been "nay" if they were the deciding vote. Not many, it seems that many of those nay votes indicated. So it's essentially a protest vote. And while there's certainly plenty to protest in TARP and foolhardy stimulus packages, I hardly see how voting against Bernanke solves that or improves what has already happened.
While I'm often critical of Democrats' Keynesian approach to having the federal government attempt manage the economy, Carter, Clinton, and Obama have so far made intelligent choices with regards to the Fed Chair. Democrats making good economic decisions? That's something Republicans should support.
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