More Democratic Votes Against Bernanke On Deck, Is Activism The New Conformism?
Yes, yes, lots of posturing from the president, and yes, the prop situation will change nothing, and yes, Bernanke will get reconfirmed, and yes, the stock market will continue being hijacked by HiFTers until 120% of the stock market volume is controlled by rogue child-order algos, and yes, Mary Schapiro will continue leading the SEC until she gets a job at a spun off Goldman entity as a GC, and yes, let's just sit back and bitch because there are forces much greater than us, and nothing ever changes, so let's merely point out the futility of change (repeatedly if possible) - after all, why raise a finger when someone will do all the work for us (or so our sense of infinite entitlement says), and then when the inevitable change does occur we can say how we all saw it coming and how critical our participation was. So what if...
Bernanke's renomination is now in serious trouble, as more Senators have moved away from the party of intellectual yet apathetic whiners and have now joined the camp of "others." RollCall.com reports:
At Wednesday’s Democratic caucus meeting, according to Senators,
liberals spoke out against confirming Bernanke for a second term. Those
liberals tried to make the case that the White House needs to put in
place fresh economic advisers to focus on “Main Street” issues like
unemployment rather than Wall Street concerns. Moderates were more
reserved, Senators said, but have similarly withheld their support for
“I’m looking at both sides of the argument, but I haven’t made any decisions,” Sen. Claire McCaskill (D-Mo.) said Thursday.
Sen. Sheldon Whitehouse (D-R.I.) was more direct when asked whether he
reached a decision on the nomination: “Not finally, but not leaning
The Senate Banking, Housing and Urban Affairs Committee approved
Bernanke’s nomination 16-7 last month, a tepid vote for the man first
appointed by President George W. Bush and renominated by President
Barack Obama for another four-year term. Sen. Jeff Merkley (D-Ore.) was
the only Democrat to vote against Bernanke in committee, but Sen. Sherrod Brown (D-Ohio) said during that Dec. 17 vote that, “I’m not certain yet what I’ll do on the Senate floor.”
Bernanke’s nomination is already the subject of holds by GOP Sens. Jim
Bunning (Ky.), Jim DeMint (S.C.) and David Vitter (La.), as well as
Independent Sen. Bernie Sanders (Vt.), who caucuses with the Democrats.
will likely have to file a procedural motion to overcome the holds, a
move that will require 60 votes. But with support among Democrats for
Bernanke seeming to wane, it’s unclear whether Reid can meet that mark.
Sen. Ted Kaufman (D-Del.) predicted that Members will reach their decisions on how to vote in the coming days.“It’s
incredible how difficult it is for people to focus on something before
it comes into view,” said Kaufman, who has not determined how he will
vote. “I think Members are back and they’re doing their due diligence.”
So yes, what if...And if nothing else, America will be entertained. After all that is the number one, most valuable thing that this society produces these days anyway. In the meantime Zero Hedge will fully endorse these senators, starting with Merkley, who went against the party grain, and we hope that Brown, Kaufman, McCaskill, Whitehouse and many, many others (except for Dodd, there is a special place in the 7th circle of conformist ether reserved for Dodd) will follow in his footsteps.
And now, we open up the forum to the myriad of ensuing comments how nothing can possibly ever change.