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Bernanke Nomination on Hold
I just received the following message from a Congressional source:
Bunning,
Sanders, and DeMint have holds on Bernanke, and Bernanke made some
interesting comments on fiscal policy. DeMint tweeted that he will hold
the nomination until there’s a vote to audit the Fed.In
non-hearing news, Chairman Frank says that he doesn’t think the Fed
audit provision will change on the floor, which means it is likely to
pass the full House next week.DeMint tweets: “I will oppose Bernanke and hold his nomination until we get a vote to audit the Fed.”
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I agree Bernanke is a loser, but who could Obama appoint in his place? Are the conservatives offering credible alternatives? Is anybody?!
As for me, I'd like to see someone like Peter Schiff take his place. Someone who would follow Austrian economic policies.
What scares me to no end is when I can actually agree with Jim Bunning.
Until today if Jim Bunning told me water was wet I would dump 2 buckets on my head and then I'd think I was hallucinating.
What is this world coming to when in a discussion about anything other than baseball between Jim Bunning and anybody with a pulse would Bunning seem the sane one?
Wow, who cares who is confirmed. If the full audit of the fed goes through, Ben will be skewered and put on the barbie.
Here's the problem. Suppose Bernanke's nomination failed. The next bozo will have the same pedigree as him and will use QE as well. The only Fed chariman who did not go along with the Executive was Volcker - and he was an exception, not the rule. As things work in the financial markets, it will be business as usual until some exogenous event causes a Treasury auction to fail. Don't hold your breath waiting for that to happen. Alternatively, we could have a supply-related inflation in the real economy which would put real pressure to discontinue QE. But if the Executive/Fed controls the banks (as they do today), they will restrain private sector lending to contain the inflation. I see a repeat of Japan, Shinsei.
Reappointing Bernanke would be rewarding somebody for failure. Much like the companies that were bailed out on his watch, failure should be painful by all involved and not rewarded.
I used much the same language in my e-mail to Senator Hutchison; she is a member of the Banking Committee and represents my state. The corollary to rewarding success is punishing failure. A vote Yes is only encouraging more of the same reckless behavior.
Other members of the Banking Committee are listed here:
http://banking.senate.gov/public/index.cfm?FuseAction=CommitteeInformation.Membership
I unfortunately listened to a good portion of the hearing and was frankly pretty dusgusted. There were some bright spots when Senators actually brought up his dismal record, but the overall tone was that his renomination was assured.
I never really had any faith in the process, but I thought "this time it will be different". His failure is out there for all to see, there's no way he can be reconfirmed. I hope I'm proven wrong, but I don't think so. The fix has been in for a long time and I don't think that a couple Senators with scruples are going to be able to stop Ben from continuing to destroy our economy.
The Peasants are revolting (and their angry too)
I consider my state Sen. Judd Gregg's spineless, 'ass-licking' speech (approving Bernanke's performance and shamelessly opposing auditing the Fed) a disgrace and a betrayal of his constituency.
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(Paleo)Republican from New Hampshire
thank you for the info...this is great!
WSJ opinion says dont confirm Ben Bernanke, the opinion showed dec 4th date, now I cant seem to get to the piece anymore.
Wow. Get your popcorn ready. Any bets that the market will go in the shitter?
I like this "You can't have it both ways." mentality.