■"Bush Names a Top Adviser To Be Chairman of the Fed: Bernanke Pledges to Continue Greenspan's PoliciesóEconomists Laud Choice," by Edmund L. Andrews, New York Times, 25 October 2005, p. A1.

Bush, unable to afford another Miers, picks another Roberts instead to replace Greenspan. Arguably, this is the single most important nomination of his entire presidency.

I honestly mean that. Pick a Supreme and we're talking one of nine whose impact will be limited largely to the United States.

But the Fed chairman is arguably the single most important economic player in the global economy. How that person steers our monetary policy influences the entire economic and trade agenda of the Core and--by extension--the Gap.

The key attributes summed up:

A former professor of economics at Princeton University and a former Fed governor, Mr. Bernanke is a leading authority on monetary policy but a comparative outsider in partisan politics and ideological warfare.

He's written loads on classic money issues but has shied away from stuff like tax cuts and Social Security--, a real John Roberts.

The early praise for the choice indicates he will be approved with no hassles.

And the world breathes a whole lot easier. Great choice.