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To: Rarebird who wrote (51692)	1/27/2006 12:23:35 PM
From: shades	Read Replies (1) \| Respond to of 110194

Once Dovish Ben takes over, every voting member of the FOMC will have been handpicked by President Bush. I watched the acting director of the CBO last night on cspan - they said he used to be in the white house - is there any significant economic gubbment position Bush has not infected?

To: Rarebird who wrote (51692)	1/27/2006 2:22:50 PM
From: shades	Respond to of 110194

DJ White House:Bush To Nominate Kroszner, Warsh To Fed Board . WASHINGTON (Dow Jones)--The White House on Friday said President George W. Bush will nominate Kevin M. Warsh and Randall S. Kroszner to fill two vacancies on the Federal Reserve's board of governors. Warsh is a White House adviser on domestic finance and capital markets; Kroszner teaches at the University of Chicago's business school. The nominations come days before Fed Chairman Alan Greenspan retires after serving 18 years at the central bank. He'll be replaced by Ben Bernanke, chairman of the White House Council of Economic Advisers, who is awaiting confirmation by the Senate, expected next week Warsh and Kroszner are filling spots created by Bernanke's departure from the Fed last year and the resignation of Edward Gramlich, who left the central bank in August. The vacancy created when Gramlich returned to academia was for a term ending Jan. 31, 2008. The vacancy by Bernanke's move was for a term ending Jan. 31, 2018. While Warsh is a lawyer and former investment banker at Morgan Stanley, Kroszner served on the CEA and specializes in banking, international financial crises, and monetary policy. Stephen Stanley, chief economist at RBS Greenwich Capital, said the presence of Warsh and Kroszner on the seven-member board of governors would shift the panel's expertise from macroeconomics to banking and regulation, leaving Bernanke and Fed Governor Donald Kohn the only members with a primary focus of macroeconomics and monetary policy. "I would posit the hypothesis that Bernanke will have somewhat more sway on monetary policy matters with a Board skewed toward banking types than he would if the Board was packed with macroeconomists," Stanley said. "Clearly, this is an at the margin thing, but I figure he may get a little extra leeway, at least until he stumbles." Spooky!

To: Rarebird who wrote (51692)	1/27/2006 3:38:30 PM
From: shades	Respond to of 110194

=DJ UPDATE: Bush To Nominate Kroszner, Warsh To Fed Board . (Updates with biographical information.) WASHINGTON (Dow Jones)--President George W. Bush will nominate Kevin M. Warsh and Randall S. Kroszner to fill two vacancies on the Federal Reserve's board of governors, the White House confirmed Friday. Warsh, 35, is a White House economic adviser who formerly was an executive director in Morgan Stanley's mergers and acquisitions group. Kroszner, 43, teaches economics at the University of Chicago's graduate school of business. He served on the White House's Council of Economic Advisers from 2001 to 2003. The nominations come days before Fed Chairman Alan Greenspan steps down following 18 years at the central bank. He will be replaced by current CEA Chairman Ben Bernanke, who is expected to be confirmed by the Senate next week. Warsh is a graduate of Stanford University and Harvard Law School. He is married to Jane Lauder, an executive at the cosmetics company founded by her grandmother, Estee Lauder. Kroszner is a graduate of Brown University and has a masters degree and Ph.D. from Harvard. At the CEA, he helped craft the administration's response to corporate governance scandals and worked on banking and financial regulation. He has been a consultant to the International Montetary Fund, the Inter-American Development Bank and the Federal Reserve. If approved by the Senate, the new additions to the seven-member board of governors could shift the panel's expertise from macroeconomics to banking and regulation, leaving Bernanke and Governor Donald Kohn the only members with a primary focus of macroeconomics and monetary policy. "I would posit the hypothesis that Bernanke will have somewhat more sway on monetary policy matters with a Board skewed toward banking types than he would if the Board was packed with macroeconomists," wrote Stephen Stanley, chief economist at RBS Greenwich Capital. "Clearly, this is an at the margin thing, but I figure he may get a little extra leeway, at least until he stumbles." Warsh and Kroszner are filling spots created by Bernanke's departure from the Fed board last year and the resignation of Edward Gramlich, who left the central bank in August. The vacancy created when Gramlich returned to academia was for a term ending Jan. 31, 2008. The vacancy by Bernanke's move was for a term ending Jan. 31, 2018. -By Henry J. Pulizzi, Dow Jones Newswires; 202-862-9256; henry.pulizzi@dowjones.com