It seems the bloggers at Baseline Scenario are no fans of Helicopter Ben. Fair enough. Some reasonable reportage follows below.

The case for Ben Bernanke’s reappointment was weak to start with, weakened with his hearings, and is now held together by string and some phone calls from the White House……The support for Bernanke in the Senate hangs by a thread – with Harry Reid providing a message of support, albeit lukewarm, after the markets close. The White House is telling people that if Bernanke is not reconfirmed there will be chaos in the markets and the economic recovery will be derailed. This is incorrect.

Then they uncork an idea that explains why nobody trusts the Internet. Hey! Let’s replace Big Spending Ben with Paul Krugman. I kid you not – they claim Stalin of The Econ Faculty Lounge will decrease uncertainty. Stuff that I wish was imaginary follows below.

The danger here is uncertainty – the markets fear a prolonged policy vacuum. Fortunately, there is a way to address this. Ben Bernanke should withdraw and the president should nominate Paul Krugman to take his place.

Yep, that’s it. Let’s get America’s foremost Left Keynesian in cahrge of the Fed. That should prevent the Kulacks from feeling any further uncertainty regarding Barack Obama’s agenda whatsoever.