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Corriere della Sera - Italy | Wednesday, August 26, 2009

Bernanke stands for stability

US President Barack Obama's renomination of Ben Bernanke as chairman of the Federal Reserve is aimed above all at ensuring stability, writes the daily Corriere della Sera: "Anyone surprised by Obama's decision to nominate Republican Ben Bernanke, the bearded Princeton professor whom George Bush transformed into a banker, to a second term has failed to understand the need for stability of an America that is still in the midst of the economic crisis and also the fact that the US president's offer to the academic is not exactly a cushy proposal. Since the collapse of Lehman Brothers [bank] the chairman of the Federal Reserve has been sleeping not on a bed of roses but on a hard cot through half-sleepless nights in his office and the cross on which Congress and the senators … have nailed him. … The last thing Obama, exhausted by the conservatives' campaign against his healthcare reform, … needs is another confrontation with the opposition to replace a Republican Federal Reserve chairman with a [chairman] of the Democratic persuasion."

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