AN ALAN GREENSPAN SUCCESSOR:

Ben Bernanke, the White House economic adviser who has urged the Federal Reserve to articulate its preferred rate of inflation, will be nominated to succeed Alan Greenspan as Fed chairman, reports said Monday. A formal announcement is expected at 1 p.m. EDT.

Bernanke, who gained a reputation as a monetary moderate while a Fed governor from 2002 to 2005, was named chairman of the White House council of economic advisers in June. He is the former head of Princeton’s economics department and received his economics education at Harvard and the Massachusetts Institute of Technology.

At a time President Bush is battling criticism of his nomination of Harriet Miers to the Supreme Court, the choice of Bernanke is viewed as a safe one.

I don’t know much about him. Kudlow likes him.

MICHAEL YON has a lengthy must-read report from Iraq.

HOW BLOGGERS STAND ON MIERS: N.Z. Bear has a roundup of for and against, which looks to be mostly against.

SO PARENTS OF DEAD CHILDREN HAVE ABSOLUTE MORAL AUTHORITY when speaking on policy matters, right?

Only when they lean left, apparently.

JAMES LILEKS’ NEW BOOK, Mommy Knows Worst : Highlights from the Golden Age of Bad Parenting Advice, just came out. My copy — preordered months ago — is already on its way. I’ll post a full report when I’ve read it, or maybe (since she’ll probably snatch it up first anyway) I’ll get the Insta-Wife to post a review.

BRUCE KESLER looks at progress in Iraq. He suggests that some people will be disappointed, but fortunately they’re the right people.

Meanwhile, ATC reports that Iraqi oil revenues hit a new all-time record.

IT’S NOT ALL ABOUT YOU: A Lebanese blogger explains things to Americans. (Via Michael Totten).

UPDATE: More background here.

PORKBUSTERS UPDATE: The Times Picayune has a roundup of progress to date that’s lengthy and thorough:

You want to funnel millions to Louisiana? OK, how much are you willing to deny North Dakota?

The initial proposals failed in Washington, suggesting that though Katrina may have swamped a major American city and killed more than 1,000 people, it lacked the punch needed to make elected officials give up pet projects. Nevertheless, supporters vowed that the synergy unleashed by the hurricanes that battered the Gulf Coast this year and a bloated federal budget that both liberals and conservatives bemoan for differing reasons could produce a watershed moment in fiscal management. . . .

Despite last week’s setbacks, members of the Porkbusters movement remain optimistic. Hurricane Katrina and its enormous price tags have stirred new debate about fiscal responsibility, they say.

One positive sign, they say, is a proposal that would require massive cuts to offset post-Katrina appropriations. It was introduced by the Republican Study Committee, a conservative caucus that has gained status on the Hill since the GOP leadership was rocked by the indictment of Texas U.S. Rep. Tom DeLay and criticism of the federal response to Hurricane Katrina.

Meanwhile, here’s an article from the Washington Post on the Coburn Amendment aftermath:

Although the Coburn amendment lost, it struck a chord among lawmakers as they face increasing belt-tightening pressure. . . .

And, there is a curious twist to the story: Many residents of Alaska appear to support forfeiting the bridge money for hurricane relief. “This money, a gift from the people of Alaska, will represent more than just material aid; it will be a symbol for our beleaguered democracy,” reads a typical letter to the Anchorage Daily News.

Young, who made sure his state was one of the top recipients in the highway bill, was asked by an Alaska reporter what he made of the public support for redirecting the bridge money. “They can kiss my ear! That is the dumbest thing I’ve ever heard,” he replied.

If you needed any more proof that “pork” is about putting money in the hands of fatcat contributors, rather than helping constituents, this would seem to be it.

UPDATE: More on the blogosphere’s role, and the Capitol Hill response, at the National Journal’s Blogometer.

THE MIERS OPPOSITION is getting organized. It’s becoming increasingly obvious that this nomination is a debacle. By now, I think it’s even obvious to the White House.

THE BLOG AND THE COFFEEROOM: Some interesting thoughts from Ginny.

JOHN FUND looks at what went wrong with the Miers nomination and observes, “I believe it is almost inevitable that Ms. Miers will withdraw or be defeated. Should that happen, it is important President Bush understand how it really happened.”