Bush Nominates Qualified Person for Fed Chief

After all the hubbub about Miers, it's nice to see the President nominating someone for Fed Chief who seems to be highly qualified:

President Bush on Monday selected Ben Bernanke, chairman of the president's Council of Economic Advisers, to replace Alan Greenspan as Fed chairman, according to an administration official.

[...]

There had been widespread speculation that Bush might act as early as this month to give the Senate time to confirm the nomination before Greenspan's term expired.
However, announcing Greenspan's successor also provided a diversion for a White House reeling under congressional criticism of the Harriet Miers' Supreme Court nomination and a federal investigation into whether top officials leaked the name of a CIA operative for political purposes.

Wall Street reacted favorably to word that Bernanke was Bush's pick. The Dow Jones industrial average jumped 60 points minutes after Bernanke's name leaked out and was up 110 points at midday.

Wall Street likes this guy, and so far the Senate seems to be pleased with this nomination. Both are good news, because Bush certainly doesn't need another controversial nomination right now.