The Fed will raise rates once again on Wednesday and will probably do so twice more as the summer unfolds. The reason is the uptick in inflation we're seeing. The problem is that Bernanke has yet to establsih his bona fides with his fellow Board members or the financial community. He has not established a clear path nor given them the confidence that he can be the leader that Alan Greenspan was. It is becoming more likely that he is in over his depth and may turn out to be more of a G. William Miller than an Alan Greenspan. Of course, the fact that George Bush missed an appointment comes as no surprise, since he has shown, from choosing Dick Cheney in 2000 to appointing Micheal Brown to FEMA, a real knack for picking people with the wrong talents for their jobs.