It's been up in the air for a long time, but Ben Bernanke - the experts' choice - is getting reappointed to the chairship of the Federal Reserve.
I have to admit to haing doubts on the matter, prompted by the annoucement delay. For a time, I was wondering if it was to be Larry Summers who got the appointment. But no, it's "Helicopter Ben" that's going to stay in charge.
In a way, it makes little difference on the inflation front. There's been so much fear of a second Great Depression, a new consensus has emerged which will put up with more inflation as the price of keeping the financial system afloat. Charima Bernanke's going to have a few more worries in the commercial real estate and Option ARM departments during his second term.
It would have been more fun to see Larry Summers in the job, though. He would have made a good G. William Miller.
Buffett's annual letter
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