Monday, February 01, 2010

Bernanke Wins New Term

Bernanke Wins New Term; The Wall Street Journal

Ben Bernanke won the backing of the Senate for a second four-year term as chairman of the Federal Reserve by a comfortable margin Thursday. Even with that storm behind him, Mr. Bernanke faces formidable political and economic challenges made tougher by the bruising confirmation fight.

Weeks of criticism from Congress—and moments during which his confirmation prospects seemed uncertain—have weakened Mr. Bernanke's political standing. That may make it harder for him to defend the Fed as Congress prepares to intensify its oversight of monetary policy and curb the Fed's authority over the banking system. In an interview, Mr. Bernanke's predecessor, Alan Greenspan, called his own occasionally tense relations with Congress "tranquil" by comparison.

Comment: If there was a modicum of integrity and statesmen like virtue in the US Senate Bernanke would have never been considered for another term, but rather investigated for criminal actions. He aided the criminals within the Federal Reserve and Goldman Sachs to swindle the US citizenry. However, due to the incestuous relationship Senators have with special interests groups, in this case the banking sector, they protected Bernanke over their responsibility to the Constitution and the American people.

Repealing the 17th Amendment will never change the heart of the greedy or criminal, but it would have prevented the sheer theft of $23.7 Trillion of US taxpayers earnings.

Sortable Chart: How did your senator vote?

1 comment:

R Lee said...

The Bernanke confirmation is, indeed, a telling look at intellect and integrity among our Senators.
I penned an article before the vote arguing against his confirmation, The Bernanke Appointment: Failure Is Clearly An Option, and another after the vote, lamenting it, Confirmation Vote: A Non-Partisan Test of Common Sense.