Speculation that Ben Bernanke might very well be appointed for a second-term as Federal Reserve Chairman when his term expires in January 2010 has to remind one of Washington's Alice in Wonderland-like quality.

For if Bernanke were indeed to be reappointed as Fed Chairman, it would mean that, in the depths of by far the worst U.S. economic recession in the post-war period, one would be reappointing to the job the very person whose fingerprints, along with Alan Greenspan's, are all over that recession.

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