Today on August 25, 2009 Ben Bernanke was nominated for a second term as chairman of the federal reserve system by US President Obama.

As an expert on the causes of the Great Depression, I am sure Ben would have never imagined that he would be part of a team that would be responsible for preventing another. But because of his background, his temperment, his courage, and his creativity, that's exactly what he has helped to achieve. And that is why I am re-appointing him to another term as chairman of the federal reserve.

Ben approached a financial system on the verge of collapse with calm and wisdom, with bold action, and out of the box thinking that has helped put the breaks on our economic free fall.

Almost all of the decisions that he, or anyone of us made have not been easy. The action we've taken to stabilize our financial system, to repair our credit markets, restructure our auto industry, and pass a recovery package, have all been steps of necessity.

Our auto industry is showing signs of life.

Business investment is showing signs of stabilizing.

Our housing markets and credit markets has been saved from collapse.

Of course as I have said before, we are a long way away from completely healthy financial systems and a full economic recovery and I will not let up until those Americans who are looking for jobs can find them, until qualified businesses large and small who need capital to grow can find loans at a rate they can afford and until all responsible mortgage holders can stay in their homes ........

The American President's fed chairman support announcement came as a bit of a surprise since the media was under the impression that he was to be away on a "no news" vacation at Martha's Vineyard.

In other news we find mention that the Bernanke surprise renomination public address might have been a strategic political move to lessen criticism new statistics that seem to be indicating a ballooning government budget deficit which is expected to be 2 trillion dollars higher over the next decade than previously estimated. Other political agendas that might have brought the surprise announcement according to news items could include this being a defense tactic meant to calm down the lawmakers and their town hall meetings where which are focused on the stability of the health care system and the Obama administration "war on terror" agenda.

Regardless of the timing of the fed chairman support speech, the re nomination still needs to pass Senate conformation.

For awhile there were rumors that Obama might consider giving the position of gatekeeper of the US economy to another economist central banker. The name being mentioned was that of Larry Summers.

The new term of the Bernanke Fed Chairman appointment begins in early 2010 should his nomination make it through Senate.

See how Bernanke rose to the position of Chairman of the Federal Reserve

Bernanke is a traitor some would say. Ron Paul is a great fan of the tactics of the fed and there are plenty of others who agree as the video shows.

Was the announcement coincidence or was there a political card played here. Watch the vid for more opinions.