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More Democratic Votes Against Bernanke On Deck, Is Activism The New Conformism?

Tyler Durden's picture





 

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
Bernanke.

“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
favorably.”

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.

Reid
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.

 


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Thu, 01/21/2010 - 19:58 | Link to Comment Hephasteus
Hephasteus's picture

They are going to buy something that will make them alot of money.

And they are going to let Mary Schapiro run it and buy hundreds of cabanna boys with the cash.

http://wallstcheatsheet.com/breaking-news/economy/jim-cramer-and-thestre...

Thu, 01/21/2010 - 20:06 | Link to Comment AN0NYM0US
AN0NYM0US's picture

Hallelujah Obama is back

He was captured by an evil cabal immediately after the inauguration and programmed to do the bidding of the banks, but late Tuesday evening he escaped and has been deprogrammed. We once have change that we all can believe in.

 

Thu, 01/21/2010 - 23:25 | Link to Comment Gold...Bitches
Gold...Bitches's picture

good luck with that.  prepare for disappointment, once again.

Fri, 01/22/2010 - 04:54 | Link to Comment Problem Is
Problem Is's picture

"Hallelujah Obama is back... He was captured by an evil cabal immediately after the inauguration..."

ANONY, have you been doing coke with Kudlow again... or is this a Cramer the Clown three day meth high side band ramble?

Coke with Kudlow... I think I just invented a new CNBC show...

Fri, 01/22/2010 - 10:06 | Link to Comment CrazyCooter
CrazyCooter's picture

This idea has merit!

Thu, 01/21/2010 - 20:02 | Link to Comment casino capitalism
casino capitalism's picture

Up to today, I would have said it's not worth blocking Bernanke because we will end up with someone worse (i.e. Larry Summers).  Now I'm not so sure.  I think, if he gets blocked, there is a real chance to get someone good to move the Fed in the right direction.  It really is time to move in a completely new direction.  I'm sure Paul Volcker could recommend a very good replacement.

Thu, 01/21/2010 - 20:58 | Link to Comment deadhead
deadhead's picture

Then please contact your 2 US Senators and voice your opinion.  it's 2 quick emails and it only takes a few moments.  thank you.

Thu, 01/21/2010 - 22:34 | Link to Comment basehitz
basehitz's picture

Agreed. I have. Only one acknowledged but will back him. November is coming.

Thu, 01/21/2010 - 22:40 | Link to Comment Dirtt
Dirtt's picture

My Senators and I are like oil and water.  But maybe just maybe...

 

I took your lead and wrote to them.

Thu, 01/21/2010 - 20:05 | Link to Comment Rainman
Rainman's picture

The only foreseeable blunder I see for the Dems ( and they are experts at blundering ) is that by dumping Ben now they would not have him around to take the arrows when the proverbial shit hits the fan.

Why bring in a new trooper now ........only to die in a hail of poisoned arrows.

Naw....they couldn't be THAT stupid.....< gulp >

Thu, 01/21/2010 - 20:16 | Link to Comment Handle with care
Handle with care's picture

They would be well served by bringing in someone now, so when the shit hits the fan they can say, "Well we're still cleaning up the mess left by that idiot Bush put in place.  We got rid of him, but its going to take a long time to clear up the mess left by Bush and his appointees that we inherited and kept in place to avoid ruffling the markets during a very critical time." 

 

If they keep Bernanke they essentially accept ownership of the mess

Thu, 01/21/2010 - 20:36 | Link to Comment Rainman
Rainman's picture

Obama already gave the guy a kiss on the cheek. But it could mean he ends up in the river anyway.

Maybe they bust out the banking con on " new disclosures " and sacrifice Ben and Timmy too. But that's a dream I had last night.

At least I'm sleeping good. The Critters are up all night wondering if the sheeple finally sniffed out two wolves that have been picking them off one by one. 

Thu, 01/21/2010 - 21:02 | Link to Comment deadhead
deadhead's picture

If they keep Bernanke they essentially accept ownership of the mess

Amen.  I am most confident this has been discussed at the highest levels.

Your assessment of the political situation is absolutely spot on correct.   

Thu, 01/21/2010 - 23:28 | Link to Comment Gold...Bitches
Gold...Bitches's picture

Yeah, exactly.  I mean, who else gets slapped with the saying "snatching defeat from the jaws of victory" but democrats.  just look at what happened in Mass.

Thu, 01/21/2010 - 23:47 | Link to Comment deadhead
deadhead's picture

"snatching defeat from the jaws of victory

I've seen the NY Giants do it more often than the Dems over the past 30+ years.

Thu, 01/21/2010 - 20:08 | Link to Comment faustian bargain
faustian bargain's picture

Change? You mean fiat money is dead, and the government is going to operate within the bounds of the Constitution now?

Oh, wait. Never mind. They're just rearranging the deck chairs to block the view of the oncoming iceberg.

Thu, 01/21/2010 - 20:22 | Link to Comment AN0NYM0US
AN0NYM0US's picture

Don't forget, the lessons of W's re-election in 2004 have not been lost on Axel and Rham. The American public is easily fooled and if dressing up in populist clothing for a few months can help to restore the 60 person majority in the Senate then little real harm will be done to the #1 supporters of the administration.

Thu, 01/21/2010 - 20:31 | Link to Comment lizzy36
lizzy36's picture

The American public was easily fooled because their day to day lives (o/s of air travel) were not disrupted by the War on Terror.  Moreover, WS bonuses didn't seem so offensive (or worthy of notice) when one had a job and the value of one's house was doubling. 

This time, (the un/underemployed have time on their hands to get educated), their lives are being decimated, with no end in sight.  At this point, a couple months of mere populist rhetoric is not likely to get the presentation administration very many votes.

“Continuous effort - not strength or intelligence - is the key to unlocking our potential”

Thu, 01/21/2010 - 20:42 | Link to Comment AN0NYM0US
AN0NYM0US's picture

The American public was easily fooled because their day to day lives (o/s of air travel) were not disrupted by the War on Terror.

I think there was a bit of impact for those who had family involved in Iraq.

Thu, 01/21/2010 - 23:33 | Link to Comment Gold...Bitches
Gold...Bitches's picture

yes, but thats exactly the point.  Theyve reduced the amount of individuals that actually have to suffer from the effects of war by all volunteer military and private mercenaries.  Effectively they have sanitized society from having to feel remorse or really any emotion besides the same one you get when your football team scores a TD or makes a fumble.

 

Thu, 01/21/2010 - 20:14 | Link to Comment Fritz
Fritz's picture

Yes - lets see if Congress can grow a pair, do the right thing, and shit-can Bernanke.

Then, let us hope that Geithner does the right thing and resign.

 

Thu, 01/21/2010 - 20:45 | Link to Comment ghostfaceinvestah
ghostfaceinvestah's picture

speaking of timmay

don't think these stories are leaking out by accident, that is not how DC works.  Someone wants that guy out of there, he should take the hint and resign gracefully.

http://www.reuters.com/article/idUSN2123718120100121?type=marketsNews

"

WASHINGTON/NEW YORK, Jan 21 (Reuters) - President Barack Obama's newest Wall Street crackdown was met with hesitation from Treasury Secretary Timothy Geithner, who voiced concern that politics could sacrifice good economic policy, according to financial industry sources.

Geithner is concerned that the proposed limits on big banks' trading and size could impact U.S. firms' global competitiveness, the sources said, speaking anonymously because Geithner has not spoken publicly about his reservations.

He also has concerns that the limits do not necessarily get at the root of the problems and excesses that fueled the recent financial meltdown, the sources said."

Fri, 01/22/2010 - 00:21 | Link to Comment Assetman
Assetman's picture

Timmy can go straight to hell.  Well, after he hands in his resignation.

Fri, 01/22/2010 - 03:18 | Link to Comment skippy
skippy's picture

I've got a better outcome, try reincarnated as a gerbil that finds its self inserted into a toilet paper tube on Friday night and in a bath house somewhere down town ;)

Fri, 01/22/2010 - 05:02 | Link to Comment 1984
1984's picture

Uh, I think you're getting Bahney's Fwank all excited...

Thu, 01/21/2010 - 20:15 | Link to Comment Chopshop
Chopshop's picture

incumbents out like never before seen.  period.

let's start a poll on what stinky BO will be doing the day after the 2013 presidential inauguration cause he ain't even running in 2012.

Thu, 01/21/2010 - 20:26 | Link to Comment Rainman
Rainman's picture

....indeed. Sweep out 100 % and you get all the guilty. And the innocent will be with us here at ZH......if not already. It will be a very, very small group of newcomers.

Thu, 01/21/2010 - 23:37 | Link to Comment Gold...Bitches
Gold...Bitches's picture

wait a minute.  if we get rid of all of them and the new guys start actually doing the right thing I might have to actually sell my gold.  It is kind of nice knowing how it will do so long as BB is in there printing away.

Thu, 01/21/2010 - 20:21 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

BS should not be reconfirmed for the fact that he is absolutely and unbelievably incompetent on every level of logical reasoning.  It would serve better to have a child as Fed Chair.  However, if he is not reconfirmed, we will not be able to see him sweat when the rest of 'Merica finds out what we know.  The economy is on it's last breath.

Change you can believe in.  I believe, do you believe?

 

Thu, 01/21/2010 - 20:29 | Link to Comment andrew123
andrew123's picture

If everyone that voted against Bernanke in the recent Zerohedge poll would take a few minutes and call their Senators, I think we could really accomplish something, (or at least you would know that you did the right thing). The link below lists the D.C. phone numbers of every Senator.

http://www.senate.gov/general/contact_information/senators_cfm.cfm?OrderBy=party&Sort=ASC

Thu, 01/21/2010 - 20:35 | Link to Comment ghostfaceinvestah
ghostfaceinvestah's picture

Where was Zimbabwe Ben today, did anyone see him at the press conference.  After all, isn't he the bank's main regulator?  Maybe he was there and I missed him.

Fri, 01/22/2010 - 00:24 | Link to Comment Assetman
Assetman's picture

Zimbabwe Bend had a prior speaking engagement at the Bridge Club of Madison County.

Hey, you think the man makes sufficient take-home pay at his current gig? ;)

Thu, 01/21/2010 - 20:36 | Link to Comment john_connor
john_connor's picture

Something did change recently, and that was Scott Brown winning the election heard round the world.  There are greater forces at work here, but those forces are greater than the Fed, the President, a bought Congress, and a system defined by corruption and regulatory capture.  It's funny how one little ripple in the galaxy can bring down an infinitely complex system where people put blind faith in the "authorities", "the Fed", or just "them."

Now that incumbents are feeling the heat, specifically dems, look for fireworks to begin soon.

Today is just barely an opening act.

What does this mean?  It means that any senator who votes for Bernanke's confirmation will be subject to an avalanche of national rage on Nov. 2, 2010, and will summarily lose their job.  How do we do this, you say?  You donate to their opponents, call your friends in their respective states, call everyone you know, and SPREAD THE WORD.  The word is that they are traitors, and a threat to the national security of the United States, just like the Fed itself has been since 1913.

Thu, 01/21/2010 - 20:42 | Link to Comment ghostfaceinvestah
ghostfaceinvestah's picture

Any senator who votes for Bernanke and is up for reelection this cycle will see their opponent receive a donation from me.

I donated to Scott Brown's campaign, not because I particularly like the guy, but because it was the least I could do to send the message that things need to change.  I will gladly support any senatorial candidate running against any senator who votes for Bernanke.

Thu, 01/21/2010 - 21:23 | Link to Comment john_connor
john_connor's picture

Amen.  I donated to and supported Brown as well, without even knowing ONE thing about him, aside from the fact he would help thwart Obamacare, cap-n-trade, bailouts, etc.

It was a no-brainer for me considering what was at stake.

Fri, 01/22/2010 - 01:43 | Link to Comment MrPalladium
MrPalladium's picture

I usually contribute four figures to the NRA PVF each year, largely because they are the one PAC willing to attack incumbents. But lately the incumbent Dems have become such sluttly little liberal whores that most have caved on gun issues and have A ratings, and so the NRA endorses them (puke!).

So what's an endowment member to do? Used to be that the gun issues had a high correlation with lots of other issues I care about, but recently that correlation has broken down. The friggin bozos at NRA are forcing me to do my own research, and I'm pissed that my nifty one-stop political shopping has run into the ditch!!

Perhaps I should call the brass and demand that they include "audit the fed" this year!! :-(

Thu, 01/21/2010 - 20:42 | Link to Comment Chartist
Chartist's picture

I do believe a serious healthcare reform program will pass going into Obama's re-election campaign.....HMOs may have threatened to layoff a lot of employees had the white house offered a public option...However, I think HMO investors are whistling past the graveyard if they ignore populism.

Thu, 01/21/2010 - 20:45 | Link to Comment AN0NYM0US
AN0NYM0US's picture

The sense I am getting is that pragmatism has taken hold of the left, right and center with a belief that even if President Obama's motivations are suspect that he can be trusted. 

Thu, 01/21/2010 - 20:53 | Link to Comment ArkansasAngie
ArkansasAngie's picture

Does anybody know who the 13 Senate Democrats were who voted against tarp?  I'm trying to track what Blanche Lincoln does. 

She's either with us or against us.  Her position on Ben will speak volumes.  Here in Arkansas, she might as well go ahead and quit now if she doesn't get on the Independent band wagon.

Thu, 01/21/2010 - 21:01 | Link to Comment Anonymous
Thu, 01/21/2010 - 22:56 | Link to Comment economessed
economessed's picture

This site is the Zero Hedge equivalent of fact finding when it comes to voting history:

http://www.opencongress.org/

An awesome resource for truth.

Thu, 01/21/2010 - 20:54 | Link to Comment Anonymous
Thu, 01/21/2010 - 21:02 | Link to Comment Anonymous
Thu, 01/21/2010 - 21:03 | Link to Comment Anonymous
Thu, 01/21/2010 - 21:14 | Link to Comment deadhead
deadhead's picture

I would recommend that all of us go back and re-read Tyler's remarks and think about the tone and what the underlying suggestion is, keeping in mind that we are all Tyler Durden.  The last line is unlike any that I've seen on ZH:

"And now, we open up the forum to the myriad of ensuing comments how nothing can possibly ever change."

It looks like things are changing and moving in a direction that very many of us have been advocating for.  I will contact my 2 US Senators again and urge a vote against Bernanke (maybe, just maybe, Obama will yank the nomination back and perhaps that is the hope of change that I believe Tyler is referring to).  Keep in mind that one of my Senators is Chuck Schumer and he is certainly beholden to the banks and the street.  However, Chuck will eat his own if he thinks for one minute that he will get the Massachusetts treatment.  Continued pressure is the only way to get Chuck and his peers to recognize that they might be the next incumbent to lose their seat.

Thanks again to all at ZH for fighting the good fight and not giving up.

 

 

Fri, 01/22/2010 - 01:34 | Link to Comment Kayman
Kayman's picture

A raging inferno starts with a single spark.  The "American Dream" has blown up in the faces of Middle America.  And the arsonists are collecting bonuses.

To unashamedly quote Churchill, " this is not the end, nay, it is not even the beginning of the end, but, it is, perhaps, the end of the beginning."

My unreserved thanks to all ZH'ers.

 

Thu, 01/21/2010 - 21:16 | Link to Comment glenlloyd
glenlloyd's picture

I emailed my senators (again) about this and reminded them that people will remember the disservice when election time comes unless they vote no to reconfirm the current Treserve Chairman.

Thu, 01/21/2010 - 21:41 | Link to Comment deadhead
deadhead's picture

For those that may have not seen it, from RAN Squawk:

 Senator Dodd declines to say if Bernanke has enough votes for approval

Just saying.....

Thu, 01/21/2010 - 21:47 | Link to Comment Anonymous
Fri, 01/22/2010 - 04:40 | Link to Comment Assetman
Assetman's picture

I sure hope you're right, Spanishmoon.

We've heard the bark from Obama many times before.

We are still waiting for the bite.

BTW, all my reps from the great state of Colorado got got their e-mails this evening.

Thu, 01/21/2010 - 21:56 | Link to Comment Anonymous
Thu, 01/21/2010 - 22:24 | Link to Comment ghostfaceinvestah
ghostfaceinvestah's picture

Vote in enough people like Peter Schiff and Rand Paul and there will be no Fed.

There are enough people out there who would run for office on a ticket of Ending the Fed, and they would win.

If the economy continues to deteriorate like I think it will we could end up with someone like Ron Paul come the next presidential election.

Thu, 01/21/2010 - 22:39 | Link to Comment Anonymous
Thu, 01/21/2010 - 22:02 | Link to Comment bugs_
bugs_'s picture

Yes We Can.....PANIC!!!

Thu, 01/21/2010 - 22:10 | Link to Comment Dirtt
Dirtt's picture

MORE OPIUM PLEASE!!!!!

 

Who said elections have consequences?

Thu, 01/21/2010 - 22:44 | Link to Comment heatbarrier
heatbarrier's picture

Big victory for Volcker today. Would he be interested in the job?

Circus starts next week.

Paulson was invited to a Jan. 27 hearing set by Edolphus Towns, chairman of the House Oversight and Government Reform Committee, about the decision to fully reimburse AIG’s bank counterparties for $62.1 billion in derivatives. Stephen Friedman, the former Federal Reserve Bank of New York chairman who serves on the board of Goldman Sachs Group Inc., was also asked to appear, Towns said in a statement yesterday.

“This committee’s investigation will not be complete until we gain the perspective of all the most senior government officials responsible for the AIG bailout,” Issa said in the letter, in which he called for Federal Reserve Chairman Ben S. Bernanke and Paulson to answer questions about the bailout.

Thu, 01/21/2010 - 22:35 | Link to Comment Anonymous
Thu, 01/21/2010 - 23:26 | Link to Comment vainamoinen
vainamoinen's picture

For my Republican friends at the site (no I did not vote for Barback Bo Bomb-bo)

Dream team for 2012:

Ken Lay and Sarah Palin - they're both brain dead. You decide which is more so.

Thu, 01/21/2010 - 23:33 | Link to Comment Anonymous
Fri, 01/22/2010 - 01:58 | Link to Comment Assetman
Assetman's picture

Thanks for the link, digalert.

This is very interesting... it can't be emphasized enough to call/e-mail your reps in Washington. 

Fri, 01/22/2010 - 02:16 | Link to Comment faustian bargain
faustian bargain's picture

Just emailed my senators. What have I got to lose?

Fri, 01/22/2010 - 04:33 | Link to Comment Jefferson
Jefferson's picture

It would be much better for the purposes of ending the Fed's influence and truly reforming the government if Geitner and Bernanke were allowed to stay on in their current positions. These two jerkoffs are merely lightning rods to absorb public anger. The oligarchs decided long ago that Bernanke and Gietner were dead men walking politically speaking.

It is patently obvious Volcker has been waiting in the wings preparing for exactly this moment. Volcker has been hyped as the wise elder stateman whose advice was routinely ignored by Obama et. al. yet opposed the current shenanigans. Nothing could be further from the truth.

Stop believing the spin.

If anything ZH members should be calling their senators and reps begging that Bernanke be reconfirmed and Geitner remain as Treasury Secretary. That would keep the intense scrutiny focused on these jokers.

 

Fri, 01/22/2010 - 04:41 | Link to Comment Problem Is
Problem Is's picture

"Sarcastic Tyler" is my favorite Tyler.

The poetic use of such caustic temherte slaq deserve a Pulitzer Prize...

Fri, 01/22/2010 - 11:55 | Link to Comment Anonymous
Do NOT follow this link or you will be banned from the site!