article by LOUIS UCHITELLE and EDUARDO PORTER here.
Even before President Bush named Ben S. Bernanke as chairman of the Council of Economic Advisers this spring, Mr. Bernanke decided to gamble. He sold his home in New Jersey last year and told friends that, instead of returning to a tenured professorship at Princeton University, he was taking a chance that President Bush would elevate him from obscurity as a Federal Reserve governor to a top political appointment.
The gamble paid off. If the Senate confirms him, Mr. Bernanke will arguably become the most powerful economic leader in the world. Not since Arthur Burns, the Federal Reserve chairman from 1970 to 1978, has a university professor run the nation's central bank.
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