Fire Bernanke, Fire Bernanke, Fire Bernanke!
By Daniel at 22 January, 2010, 11:28 am
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Senator Russ Feingold has had enough of Ben Bernanke.
The Wisconsin democrat says he will vote against reconfirming Bernanke for a second term at the Federal Reserve.
From Politico, his statement below:
“A chief responsibility of the Chairman of the Federal Reserve is to ensure a sound financial system. Under the watch of Ben Bernanke, the Federal Reserve permitted grossly irresponsible financial activities that led to the worst financial crisis since the Great Depression. Under Chairman Bernanke’s watch predatory mortgage lending flourished, and ‘too big to fail’ financial giants were permitted to engage in activities that put our nation’s economy at risk. And as it responds to the crisis it helped to usher in, the Federal Reserve under Chairman Bernanke’s leadership continues to resist appropriate efforts to review that response, how taxpayers’ money was being used, and whether it acted appropriately. When the full Senate considers his nomination, I will vote against another term for Chairman Bernanke.”
http://www.businessinsider.com/game-over-senator-feingold-to-vote-against-bernanke-2010-1
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FireDogLake points to a gated article at Capitol Hill publication Roll Call about the growing Democratic revolt against Bernanke.
The bottom line: There’s a growing chorus of Democrats who aren’t so keen on re-appointing Bernanke just yet. The latest is Pennsylvania Senator Bob Casey.
If Ben Bernanke is tossed the market will go into a tizzy that will make yesterday seem like child’s play. Even Warren Buffett recently told CNBC that if Ben Bernanke isn’t going to get re-confirmed he wants to know a day in advance (so he can sell stocks).
It still seems likely that Bernanke will get re-appointed, but the winds are definitely blowing against him. He’s much more in league with Geithner and Summers (ideologically) than he is with current White House hero Paul Volcker.
So why should Senators vote for him?
http://www.businessinsider.com/wait-is-ben-bernanke-fired-too-2010-1
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