In June, Kevin A. Hassett predicted that President Barack Obama would reappoint Ben Bernanke to serve as the chairman of the Federal Reserve. Hassett based his prediction on two things. First, the lack of tough questioning by Democratic congressional leaders at Bernanke's testimony on the Fed's handling of the Bank of America Corp. merger with Merrill Lynch. Second, on precedent: during their first terms, each of the last four presidents has reappointed the sitting Fed chairman. Opinion at AEI about the reappointment is not unanimous. On Forbes.com, Desmond Lachman criticized the appointment, noting that President Obama appears to remember only the valiant role Bernanke played during the past nine months of the financial crisis while choosing to forget the role he could have played in dealing with the issues that got us into the crisis. Still, Lachman wishes him well and hopes for a more successful second term. John H. Makin differs with Lachman: "He's the best person for the job," Makin said. "Why would anyone want to change the Fed chairman now?"

Related Economic Outlooks by Makin:

• "Inflation Scare: Crazy but Real"

• "The Fed Battles Inflation and Class Warfare"