Obama selects 'calm' Bernanke for second term as Fed chief

US President Barack Obama has announced he wants Ben Bernanke to get a second four-year term as head of the Federal Reserve, praising his “calm and wisdom” in the face of a near financial collapse.

Standing alongside Mr Bernanke for the statement on the island of Martha’s Vineyard, Mr Obama said the US was “a long way away” from a complete economic recovery.