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Ben Bernanke’s Confirmation Dogged By Uncertainty

January 28, 2010 by  

Ben Bernanke's confirmation dogged by uncertainty Although Fed Chairman Ben Bernanke is thought to have enough backers to easily pass the Senate confirmation vote, recent reports suggest that support may be eroding, even among liberal Democrats.

Last week, media reported that prominent Senators Russ Feingold (D-Wisc.) and Barbara Boxer (D-Calif.) confirmed they would not cast their vote for Bernanke, who was nominated for the second term by President Obama last summer.

Boxer stated that her reservations were due to Bernanke’s "lead role in crafting the Bush administration’s economic policies, which led to the current economic crisis." Feingold added that the financial excesses of recent years, including predatory mortgage lending, happened on the current chairman’s watch.

However, this morning a spokesman for Senate Majority Leader Harry Reid (D-Nev.)said the House’s top Democrat hoped to hold the confirmation vote this week, according to Benzinga.com, a financial information website.

In addition, Senate Minority Leader Mitch McConnell (R-Ky.) predicted that Bernanke will have bipartisan support, although he declined to say whether he would vote in favor.

Uncertainty over Bernanke’s confirmation unnerved investors last week and helped contribute to the worst three-day slide for U.S. stocks since last March.

The chairman’s term ends on Jan. 31.
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  • http://victorbarney@embarqmail.com Victor L Barney

    He may be a crook, but these are “mob-led” chicago democrats, so forget about it! He’s in!

  • Sam Douthit

    I can not take Obama seriously. He lied in the past, remember the many times he said the discussions would be on C Span and this was a lie. His rhetoric is moderate, his actions, and those of his minions are left wing. Good speech delivery but what he says is not true. He cannot be canded about the state of what is really happened. He blames Bush as his fallback on every thing. That is getting old and cliche. If he really wanted to help job creation he could have done a great deal already with tax policy. He is a snake oil salesman.

    Sam Douthit

  • Robin from Indiana

    If Obama wants him in, then it is probably not a good thing. Who does he answer to? Is he accountable to anybody?

  • http://PersonalLibertyDigest Lorelie from Indiana

    Ben Bernanke should not be CONFIRMED and Then WE should AUDIT THE FED.

    • Robert

      He got confirmed, so we got him for another 4 years. As far as auditing the Fed, I’m with you but it cannot be legally done. According to the Constitution, the FED is illegal to begin with. So we’re in a catch 22. The Supreme Court cant force an audit on the Fed because they would be recognizing them as a legal government entity and created by the US Government in total violation of the constitution. So they’re not about to even entertain the idea of allowing any suit to force an audit even be heard. I with you 100% on the audit but unfortunately it will never happen. Our only hope is this comming November. If we put in office, honest Americans who care about this country and the constitution, maybe they can force the issue.

  • Norm

    Bernanke is a Bush apointee. I think he means well but I’m not sure how much good he is doing. I think his predecessor, Alan Greenspan, was instrumental in causing the economic meltdown by interfereing with interest rates.

    • Claire

      Norm–You are right on this. Bernanke is a carry-over from the Bush Administration along with a few more.

    • Robert

      Bingo on Greenspan. But let’s not give him all the credit. Dodd and Franks were instrumental also in creating the financial meltdown. On a 100% accountability scale: Greenspan 30%, Dodd 30% and Franks 40%.

  • Jean Tappan

    Sam,

    You are exactly right. But the bad part, if you saw his speech last night, was, as the lies were told and as he blamed everyone else for everything else, the Congress stood and cheered. He told one lie after another, made more empty promises … the same promises he made during his campaign and did not keep. The money that was spent on stimulus that has been returned that should go to pay down the debt, he now wants (is going)to spend on items that the tax payers will not get back.

    The bi-partisan agency he wanted to created to oversee spending was voted down by Congress … something none of us want as it is a spending agency (and we do have liberals masquerading as Republicans). Congress at least got this right … but don’t let the will of the people, or even Congress stop King Obama … you heard him say he is creating it anyway by executive order.

    We have to stop this recklessness. Stop all these programs that just keep handing money to people who are users or who have spent their money unwisely. Why are our tax $$$ going to buy people cars, to buy people houses they cannot afford … that we then have to pay for the mortgage that is defaulted? Why are we continuing to pay for Freddie Mac and Fannie Mae and are now on the hook for everything they spend, or in this case loose? Why are we paying for retirement packages for Congress that not only include Cadillac health care plans that are exempt from any health care reform legislation, but also, these guys get their full salary for life, even if elected for only one term. This is insane. Congress has also voted themselves yearly raises that minimally reimburse themselves for any inflation (as they spend us into oblivion). I haven’t had a raise in 5 years, how about you?

    Then look into the President’s exit package … salary/health for life, security team for life, office/s and staff for life. We are nuts to allow this. No wonder our country is broke.

    No wonder people will do anything to get elected. A gravy train for life at our expense. And once they get elected, they can sell their vote. The Clintons came out of office $4 M richer (check the disclosure statements) than when they went in … that didn’t come from salary I can assure you.

    People, please wake up and stand up and be part of the solution!

    Real change is coming,
    Jean

  • LEM

    Democrats, Republicans. There really is no difference.
    It’s pork barrel politics as usual. They take our money via taxes and spend it on kick back projects that line their pockets. (i.e. Al Gore invested into Fisker Automotive in FINLAND and was then given YOUR tax dollars to develop a vehicle that will NOT be sold in the U.S. market. Why?) I’m sick of them selling out our countries future!

    Real change in DC will come only from a third party sweep. Kick out the “Party Animals” (Dems&Reps) currently in power. I’m voting Libertarian from now on.

    Get rid of Barnake.
    Audit the Federal Reserve.
    Get rid of the Federal Reserve due to it’s abuse of our money.
    Abolish the IRS.
    Institute a FAIR tax.
    Base OUR monetary system back on the Gold/Silver standard as it was originally.

    For a REAL CHANGE!

  • http://Don'thaveone Sally

    Really and truthfully, since the Fed is against the constitution and not needed plus a central bank is unconstitutional, it shouold be done away with and take Obummer with it. You know, I don’t know how to start this or get it accomplioshed, but I don’t see why we can’t start impeachment processes for many reasons, the biggest is that Obama is using tax payers money to pay all the Czars salaries and benefits, his wife’s 23 ladies in waiting, flying all over the place campaigning, look at all of those people that wen to Copenhagen on a free vacation. He is running his own company with our money!!!! and what is worse, people are letting him do it!!!

    • oooguruk

      Good comments Sally. We should have thrown Bernanke out long ago. He has already caused enough damage. “End the Fed!!!”….

    • Claire

      None of the politicians in the White House and Congress have earned their salary this past year. As taxpayers, we were taken for a ride by ALL of them.

  • Gene

    I would like to believe that I’m not controlled by any political beast.. ‘Donkey’ or ‘Elephant’. Historically, both animals have been used as ‘beast’s of burden’ to lessen the load of mankind. Isn’t it odd, and isn’t it strange, that the inverse has occured? We are now their beasts… and I only weigh 135 lbs.!! Squashed for sure!

    There is an answer to this dilemma. It is “WE THE PEOPLE.. “. I suspect that if everyone, in our country of over 309 million, would contribute even the smallest fraction of their weight [in what needs to be said and done] our Country will change for the better. And then so will the World. Leviathian knows that it’s days are numbered. Governments have always come and gone… The ‘common man’ will always exist. Pursuit of Empire is NOT what our States united for… it was for free trade, commerce with other nations, and to be just left alone and unburdended. Unfair Taxes? No Liberty? That’s what the Americian Revolution was all about!! It’s way past time to begin a correction process. It is never,never,never too late!!

  • http://none lily

    AUDIT!!!

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