Related: Backing Up Ben Bernanke
"Critics vocal as Senate hands Bernanke a 2d term" by Jeannine Aversa and Jim Kuhnhenn, Associated Press | January 29, 2010
WASHINGTON - Federal Reserve chairman Ben Bernanke won confirmation for a second term yesterday, but only by the closest vote ever for the crucial post....
The Senate confirmed Bernanke for a four-year term by a 70 to 30 vote, a margin 14 votes narrower than the closest previous vote for a Fed chairman. The Senate battle over Bernanke’s confirmation has been a test of central bank independence, a crucial element if the Fed is to carry out unpopular but economically essential policies....
That doesn't make sense!
If he was SERVING ALL OF US the POLICIES would be POPULAR!!
The DECEPTIVE WAY in which the MSM PRESENTS this issue tells you a whole lot, readers!
Created by Congress in 1913 after a series of bank panics, the Federal Reserve is an independent agency, supposedly removed from politics, but its chairman is often assailed by lawmakers and others when the economy falls.
No true history there.
“The chairmanship of Ben Bernanke has in no small measure made it possible for this nation to avoid a catastrophe,’’ said Senator Christopher Dodd, the Connecticut Democrat who chairs the Senate Banking Committee.
That's why he's not running again; after this move, he would be sure to lose.
Senator Chuck Schumer, a Democrat and Bernanke supporter, worried that the bitter fight over the nomination would send “the message that the Federal Reserve and its monetary policy decisions are under the thumb of Congress. Businesses will be faced with the prospect that the Fed might not be able to do what’s necessary for the economy because of pressure from Congress.’’
WTF is he TALKING ABOUT?
Related: Slimy Schumer
The confirmation vote came at nearly the last possible moment - Bernanke’s current term expires Sunday.
Yeah, so they could RUSH OUT of TOWN RIGHT AFTER -- just as I commented yesterday!
The closest previous final confirmation vote for a Fed chairman was 84-16 for Paul Volcker’s second term in 1983, following another severe recession.
Who is now Obama's top economic adviser!
After yesterday’s vote, Treasury Secretary Timothy Geithner said: “The Senate did the right thing. Chairman Bernanke will continue to play a vitally important role in guiding the nation’s economy.’’
First appointed by President George W. Bush and then renominated by President Obama, Bernanke has found himself without a broad constituency in the Senate....
I don't know, 70-30 is a PRETTY GOOD COUNT!!!!