New fed guys.

• Position: Off The News

With the appointment of two economists--former Federal Reserve staffer Donald Kohn and former Princeton professor Ben Bernanke--to the Board of Governors of the Federal Reserve, financial markets have begun fixating on the new appointees' effect on the decision making dynamic of the institution. The inside thinking is that it is probably too soon to tell whether Kohn will be an independent thinker or a Greenspan clone on issues relating to monetary policy. What's more, because Greenspan so adroitly forms a consensus when the F.O.M.C. gathers, it may never become clear where the highly respected former Fed staffer stands. One reason this is the case is that in recent years only the very foolish dissent from the majority during voting.

As for Bernanke, considered a...