Reapppointing Bernanke

Kevin Drum observes that Ben Bernanke’s reappointment seems extremely likely:

Ain’t the intertubes great? On a more substantive note, not a single one of the panelists was opposed to reappointing Ben Bernanke. Not even Dean Baker! Et tu, Dean? This suggests to me that Bernanke is a shoo-in for winning a second term. If you can’t even get a bunch of liberals at Netroots Nation to oppose him, what are the odds that anyone else is going to lead the fight?

Apparently not. I have to say, though, that the whole reappointment sweepstakes seems to me to seriously undermine the notion of the Fed’s independence. Why not give the Chairman five or six years, a non-renewable term, a generous pension, and a ban on going to a post-Fed job in finance? Since Volcker, the Fed’s worked quite well, but pre-Volcker it was working very badly so I don’t think we should acquire a false sense of confidence in the system.