Time Running Out for Big Ben?

Mr. Bernanke, Time Magazine's "man of the year," is hoping to be reappointed as Fed Chairman, but what was once a foregone conclusion is now in question.

"Our next Federal Reserve chairman must represent a clean break from the failed policies of the past," Boxer said. "It is time for Main Street to have a champion at the Fed." -CNBC.com

Main street meets Federal Reserve Chairman... What? I don't mean to sound elitist, but the GOP's definition of "main street" is kind of a turn off for me, especially when I think about "main street" conducting monetary policy. We don't need to replace our Ivy League educated officials with an everyday man from the bayou. Let's be honest, Bernanke was late to the party when it came to recognizing the financial crisis but since has done a pretty remarkable job. He at least deserves the right to see this thing through.

One thing most people haven't talked about here is central bank independence. I'd prefer our representatives not set the precedent of removing the Fed Chair every time unemployment ticks upward. Mixing politics with monetary policy is a dangerous game for a plethora of reasons that I won't delve into too much right now... Let's just say I'd rather not have congress be responsible, directly or indirectly, for maintaining a low inflation rate.