Looks like the person Bush chose is a pretty smart guy. Here's a paragraph from the NY Times article announcing his nomination:
Ben Shalom Bernanke, the son of a pharmacist in Dillon, S.C., displayed his significant intellectual capacity early in life. He won the state spelling bee in the sixth grade, taught himself calculus in high school, and earned the highest college admission test scores in South Carolina in the year that he applied to college.
UPDATE: We may have a Keynesian on our hands. NRO's John Tamny had nothing nice to say about Bernanke in a column written two months ago.