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Ear to the Ground

Bernanke Wins Senate Panel’s Support

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Posted on Dec 17, 2009
Federal Reserve

It’s been a good week for Federal Reserve Chairman Ben Bernanke. First came the news that he’d been chosen to be Time magazine’s Person of the Year, and then, on Thursday, the Senate Banking Committee voted to approve his nomination to lead the Fed for another four years.  —KA

The New York Times:

The 16-to-7 vote, which came after flashes of populist anger erupted amid a sluggish and uneven economic recovery, was not unexpected.

President Obama has said the nomination would provide crucial continuity as the country works through its gravest economic challenges in decades.

But it represented a retreat from Mr. Bernanke’s near-unanimous approval by the committee four years ago. Neither party’s members voted as a bloc, and even some of Mr. Bernanke’s supporters said they harbored reservations and might reconsider when the vote went to the Senate.

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Anarcissie's avatar

By Anarcissie, December 18, 2009 at 8:52 am Link to this comment

The interesting thing about Bernanke is not that he’s powerful or evil but that he’s apparently incompetent.  All these guys stand around on the deck of a sinking ship applauding one another.

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By msgmi, December 18, 2009 at 8:51 am Link to this comment
(Unregistered commenter)

While ex-FRC Volker was available, ready and willing to step in to pilot the meltdown recovery, the Wall Street juggernauts and the NY Fed chair hijacked Main Street’s resources to fund the profit-machine. Bernacke should have at least called on Volcker’s experience and ETHICS, yet, he rides the pale horse with the Goldsaks gang of profiteers.

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By samosamo, December 18, 2009 at 8:40 am Link to this comment

This just another piece of fecal matter that I hope steps out in
front of a bus sometime TODAY!

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By Richard T. Landry, December 18, 2009 at 8:26 am Link to this comment
(Unregistered commenter)

Ben Bernanke is not part of the solution, but Ben Bernanke is VERY MUCH part of the problem.  It is no surprise that, following TIME’s well-TIMED endorsement as “Man of the Year” who “saved the World” (?), Bernanke is reinstated to continue his cohabitation with Wall St. and Banks To Big to Fail.
In case we should fail to recall Bernanke’s shortcomings at the helm of the “Fed”, here is what Senator Shelby had to recount about Bernanke:

“In making this fundamental misdiagnosis, the Chairman missed the clear signals: a housing bubble, a weakening economy, instability in the credit markets, and most important, he missed a clear chance to take action when it would not have required a massive commitment of taxpayer resources.

“Chairman Bernanke advocated monetary policies that contributed to excessive risk taking; ignored or downplayed serious emerging risks; failed to use regulatory authority available to the Fed to prevent housing speculation and unsound lending practices; often misjudged the nature of problems in the markets; and contributed to market turbulence by appearing to act inconsistently, without plans, and in an ad hoc manner.”

Or, to roughly paraphrase G.W., “Heck of a job, Benny”

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By lmttd, December 18, 2009 at 8:22 am Link to this comment

FRTothus: “The people are betrayed daily, and at every turn.”

Agreed.  Great list of quotes - says it all!

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By padwa, December 18, 2009 at 7:39 am Link to this comment
(Unregistered commenter)

Obama and his whole party (well, 85% of it) are worthless.  Bernanke should be arrested for fraudulent conveyance of public monies (the AIG passthrough), if not for treason, not renominated.

THIS IS OUTRAGEOUS.  THROW THE BUMS OUT.

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By FRTothus, December 17, 2009 at 7:07 pm Link to this comment

The people are betrayed daily, and at every turn. 

“[The ruling elites] know who their enemies are, and their enemies are the people, the people at home and the people abroad. Their enemies are anybody who wants more social justice, anybody who wants to use the surplus value of society for social needs rather than for individual class greed, that’s their enemy.”
(Michael Parenti)

“The country is governed for the richest, for the corporation, the bankers, the land speculators, and for the expoiters.”
(Helen Keller)

“Economic hit men (EHMs) are highly paid professionals who cheat countries around the globe out of trillions of dollars. They funnel money from the World Bank, the U.S. Agency for International Development (USAID), and other foreign “aid” organizations into the coffers of huge corporations and the pockets of a few wealthy families who control the planet’s natural resources. Their tools include fraudulent financial reports, rigged elections, payoffs, extortion, sex, and murder. They play a game as old as empire, but one that has taken on new and terrifying dimensions during this time of globalization. I should know; I was an EHM.”
(John Perkins, Confessions of an Economic Hit Man)

“The financial system ... has been turned over to the Federal Reserve Board. That Board administers the finance system by authority of ... a purely profiteering group. The system is private, conducted for the sole purpose of obtaining the greatest possible profits from the use of other people’s money.” (Representative Charles A. Lindberg (R-MN))

“We have in this country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board… This evil institution has impoverished .. the people of the United States ... and has practically bankrupted our Government. It has done this through ... the corrupt practices of the moneyed vultures who control it.” (Representative Louis T. McFadden (R-TX))

“I sincerely believe that banking institutions are more dangerous to our liberties than standing armies. The issuing power should be taken from the banks and restored to the people to whom it properly belongs.” (Thomas Jefferson)

“History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling money and its issuance.”  (James Madison)

“Bankers own the earth. Take it away from them, but leave them the power to create money and control credit, and with the slick of a pen they will create enough money to buy it back again. Take this great power away from the bankers and all great fortunes like mine will disappear, [but] this would be a better and happier world to live in.
But if you want to continue as the slaves of bankers and pay the cost of [your own] slavery, let them continue to create money and to control credit.”  (Sir Josiah Stamp, Director of the Bank of England)

“The stock of money, prices and output was decidedly more unstable after the establishment of the [Federal] Reserve System than before…”
(Milton Friedman)

“The Federal Reserve definitely caused the Great Depression by contracting the amount of currency in circulation by one-third from 1929 to 1933.”  (Milton Friedman)

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