Central bankers got it right in the United States in 1987 when they avoided deflationary pressures as well as serious trouble in the banking system.
The benefit of appointing a hawkish central banker is the increased inflation-fighting credibility that such an appointment brings.
The economic repercussions of a stock market crash depend less on the severity of the crash itself than on the response of economic policymakers, particularly central bankers.
Community banks are generally doing quite well, and I expect that good performance to continue. Neither bankers nor their supervisors should become complacent.
If bankers become overly conservative in response to past lending mistakes - or if examiners force such behavior - it will hurt bankers' own long-term interests and the economy in general.