Obama Stands by Ben Bernanke

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President Barack Obama said he is nominating Ben Bernanke for another term at the helm of the Federal Reserve, hailing Mr. Bernanke's "calm and wisdom" in the face of the economic crisis.


Mr. Obama, who announced his decision Tuesday in Martha's Vineyard where he is vacationing with his family, vowed to maintain a "strong and independent" central bank and warned that the U.S. economy is still a "long way away" from having a healthy financial system and full economic recovery.

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