Bernanke, in Today's News 07.01.09

Bernanke. The situation of Federal Reserve Chairman Benjamin Bernanke becomes more interesting. The most important and powerful people have been putting pressure on Bernanke to toe the line or get bounced. It seems they have not been happy with the lack of sophistication in Bernanke's implementing their orders.

Today's Wall Street Journal in its Business World column by Holman W. Jenkins, Jr., continues applying the pressure. The column basically says that if Bernanke behaves himself and promises to be an Obama team player, then the owners of the world's wealth will not dump him for Larry Summers. 

Holman: "His [Bernanke's] moment of twisting in the wind [last week's congressional hearing] has created, surprisingly, an opportunity for Mr. Obama, who, after a suitable pause, can now reappoint the Republican-appointed Fed chief and make him a bit more of an Obama man."

So, it looks like the ball is now in Bernanke's court.