It was an inevitable tableau in the Oval Office yesterday. President Bush, with Alan Greenspan at his side, announced a new nominee to take over as chairman of the Federal Reserve Board — the country's most powerful guardian of monetary policy, and by that, the economy that affects every American.
Greenspan was as the nation has long come to know him in his 18 years at the Fed's helm — sphinx-like at the president's side, the deadpan oracle who is hailed as a brilliantly-successful pragmatist. And then, the new man, Ben Bernanke, bearded, more voluble, and in line for immense power.
Hear about Greenspan's successor nominee Ben Bernanke and the challenges facing the U.S. economy.
Greg Ip, economics reporter for The Wall Street Journal.
This program aired on October 25, 2005.