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If Ben Bernanke is the nominee to replace Alan Greenspan, our guess is that reaction will be somewhat muted on the fiscal conservative side of things. In speaking with sources up on the Hill who know Berknanke, they say he is extremely bright and talented and more than capable to do the job, but they doubt his commitment to some of the core supply-side tenets, i.e., tax cuts.

As we reported earlier, there is little information about how much consultation was done on this pick with either the House or the Senate. As of 10:30 this morning, House Ways and Means Chairman Bill Thomas had not been notified of the pick, according to House sources.

"We've basically known who the three or four people were who were under consideration," says a Senate staffer. "If people wanted to consult, they've had plenty of time to give their two cents. I'm not sure there is an issue here."

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Ben Bernanke