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Senate Confirms Bernanke For Second Term

January 29, 2010 by  

Senate confirms Bernanke for second termOn Thursday, the Senate voted to confirm Ben Bernanke for a second four-year term as Federal Reserve chairman, ending speculation from both sides of the aisle that his nomination was in jeopardy. The Senate voted 70-30 to reappoint Bernanke, the closest vote ever for a nominee for the position.

Over the past two years, Democrats and Republicans alike have criticized the Fed hairman for not recognizing the signs of the impending economic crisis of 2008 and for failing to prevent the housing bubble from bursting.

"Chairman Bernanke was asleep at the switch while Wall Street became the largest gambling casino in the history of the world and hurtled into insolvency," said Senator Bernard Sanders (I-VT.), quoted by the Atlanta Business Chronicle. "His failure to adequately regulate financial institutions should not be rewarded with a reappointment."

Supporters of Bernanke argued that the way he handled the economic crisis is the very reason that he should be confirmed for a second term, Fox News reports.

Meanwhile, Senator Judd Gregg (R-NH.), a proponent of Bernanke’s reappointment, said that President Obama is responsible for much of the ill will directed toward the Fed chairman, stating that he "threw kerosene on the fire [that] unfortunately blew back on his own nominee."
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  • Robert

    No matter what is said about his reappointment, he will be the Fed Chairman for the next four years. The next 3 months will tell us all if his reappointment was good or bad. If he continues to finance the government’s spending binge with monetization of the National Debt, I believe it will sink us further into the recession, threaten the dollar as a global currency, and prove that the Fed IS NOT independent from the political wims and wished of the thieves in Washington. At that time, tar and feathers will be an appropriate response by the American taxpayers.

  • TOMMY FREEDOM

    I DONT KNOW WHAT BERNAKE IS GOING TO DO, BUT WE HAVE A SERIOUS ECONOMIC PROBLEM.

    ART LAFFER, A RENOWNED ECONOMIST PREDICTS THAT 2010 WILL ARTIFICAL GROWTH, BUT HE SAID DONT BE FOOLED, HE IS ALMOST CERTAIN THAT THE OBAMA DEFICT, DUE TO RECKLESS SPENDING. WILL CAUSE AN ECONOMIC ” TRAIN WRECK AND IT WILL BE A REAL DISASTER IN 2011.

    AND HE WANTS TO SPEND MUCH MORE, THE ECO TIME BOMB IS TICKING, LOUD

  • cheryll

    If you want to send congress a message to stop this spending, go to http://www.AmericasUltimatum.com, and sign the petition to send to congress.

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