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Ranking Member Richard Shelby Announces No Vote For Bernanke
The naysayers are growing, while those that are taking remedial grade 1 at the Derek Zoolander school for Senators who can't read good are all for Benny and the Choppers.
Update: Senator Kay Bailey Hutchison also No on Bernanke
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Cant believe he gets the thumbs down after winning Time's Criminal of the Year award.
Man of the Year is a powerful endorsement. Curse him voodoo children.
They should have Bunning on the cover instead of the schmuck.
"Benny and the Choppers"
Too funny. You guys got me singing now!
if for nothing else, that captioning was hilarious.
How about a link?
How many votes does the monkey of the hour need anyways?
There are 23 members on the panel. By simple majority, he would need 12. He's got 4 nays so far: Shelby, Bunning, Merkley, Hutchison...
(starts a chant)
VOL-CKER!
VOL-CKER!
VOL-CKER!
...
Bloomberg continues to blackout the hearings - meanwhile Dodd tries to give everyone the Bums Rush to get a vote done before lunch
This should go into the category of "be careful what you wish for". I would love to see Bernanke dumped - he has been a disaster. But I cringe to think who President "empty suit" Obama would put in his place - I would bet it would be Larry Summers. If it's possible, he would be worse. As long as DC has no ability to make fundamental reforms, it's sadly irrelevant who sits in that seat.
It would indeed be a fatal flaw if responsible US monetary policy depends on the ability and ethics of one person leading the Fed. Throwing out Helicopter Ben would be a good thing, even if Bozo the Clown replaces him (two honks for a rate hike). All Volcker did during his tenure at the Fed was postpone the reckoning of a fundamentally flawed fiat currency system which will end in an inevitable hyperinflationary inferno anyway.
ty for the link, not like the revolution would ever be televised.
you are wrong, removing Ben will continue to have money spigots open.
That's why Obama wants to remove him or remove dependency of the FED so to bring political influence closer so to continue pouring money to economy. This will be inflationary as the same FED people say.
Exactly, Bernanke is not the problem. It's a problem at the executive level. With all the problems we have, printing less money would just make things worst.
The Fed is keeping us on life support, if you unplug it wont make you better unless you operate and attack the underlying symptom which is terrible fiscal policy and regulatory capture.
1. Balance the budget and get rid of populist legislation (healthcare)
2. Enact Glass-Stegal
3. Allow only real banks to deal with the Fed
4. Bring back integrity to the exchanges by banning predatory practices (Flash, etc - not all HFT is bad, most of it helps keep the market efficient) and make SLPs into market makers with market maker obligations
5. Get rids of CDS's or only allow asset holders to take insurance out
6. Control and regulate all investment companies as to allow a hedge fund (like GS) to fail without taking down the system
7. Make underwriters of securitizations responsible for poor underwriting
8. Put systems in place to curve and punish regulatory capture (dont know how you would do this, but needed nonetheless).
and after all of this is in place, then monetary policy can help tweak.
Merkely
Dr. Bernanke helped to set our economic house on fire...and has proven himself to be quite adroit with a fire hose"
In Soviet Union comrade Bernanke eeesss too powerful; wooood go to Lubyanka
This should go into the category of "be careful what you wish for". I think Bernanke has been a disaster but I can see President "empty suit" Obama putting in someone even worse (hello Larry Summers). Since there is currently no hope for fundamental reforms of the federal reserve system, it's sadly irrelevant who sits in the chairman seat.
He's an expert on the Last GREAT Depression, you know the one caused by NOT Enough money printing.. how is the plan working so far Comrad Bernanke? hnt, not so good.
Corker a yes if anyone is keeping track.
Menendez a yes as well.
Hutchinson a no.
Appreciate this.
Can you keep the running tally going as my internet stream keeps cutting out?
Thanks
Bunning-NO
Shelby-NO
Corker-YES
Merkley-NO
Menendez-YES
Hutcheson-NO
Brown-YES
Dodd - YES
Brown - YES
Bunning-NO
Shelby-NO
Corker-YES
Merkley-NO
Menendez-YES
Hutcheson-NO
Brown-YES
Vitter- Wants Delay-Postponement-Debate
DeMint-NO
Bunning-NO
Shelby-NO
Corker-YES
Merkley-NO
Menendez-YES
Hutchison-NO
Brown-YES
Vitter- Wants Delay-Postponement-Debate
DeMint-NO
Warner-YES
Gregg-YES
Bunning-NO
Shelby-NO
Corker-YES
Merkley-NO
Menendez-YES
Hutchison-NO
Brown-YES
Vitter- Wants Delay-Postponement-Debate
DeMint-NO
Warner-YES
Gregg-YES
Dodd-YES-Trying to ram it through
Thanks everyone. It passed 16-7.
Oh well. Knew it was a done deal before going in.
Boggles my mind though that they're saying Bernanke is refusing to give them requested information!
16 to 7 - passed.
Couldn't quite catch all the last minute manuveurs..
Bunning-NO
Shelby-NO
Corker-YES
Merkley-NO
Menendez-YES
Hutchison-NO
Brown-YES
Vitter- Wants Delay-Postponement-Debate
DeMint-NO
Warner-YES
Gregg-YES
Dodd-YES
Akaya-Yes
Crapo-NO
Cole-YES
Schumer-YES
Bennett-YES
I like Bennie and the Nyets better, but I'm Russian.
+googol!
McCain's Redemption?
Reinstating Glass-Steagall would be a near-total reversal of his previous position. It would be recognition of the facts: Banks that are allowed to gamble in the financial markets inherently are gambling with the sovereign credit of The United States, and inevitably transfer their losses to the taxpayer while keeping ALL of the profits for their overpriced staff and executives.
This is often said to be of "benefit" to the public because these banks are public companies. This is a flat lie: Goldman typically bonuses out roughly half of their gross profits, with only a minuscule piece being paid in dividends to shareholders. Other banks have similar compensation policies.
http://tinyurl.com/ycx3qgo
Completely off topic - but what's the news (if any) with natural gas? UNG just got sky-rocketed on huge volume
natural gas storage change was released at 930 and storage fell steeper than expected.
natural gas storage change was released at 930 and storage fell steeper than expected.
EIA inventory report came out at 10:30et (-207 bcf).
ah-ha. Thanks to both.
The Republicans might have been an awful majority, but they're pretty shrewd at playing politics in the minority, huh?
For Sen Schumer's staff checking in.
The Senator's anticipated yes vote will be remembered and there will be a huge "i told you so" down the road.
Strap it on Chuck and man up.
I believe Schumer just referred to Bernanke as his "money bitch".
Schumer is bought and paid for.I got an email response from him and Gillibrand last month. I sent him and Gillibrand an email urging them to support Ron Paul's bill which said the following.
My Email:
There is no transparency and it is fairly evident that anyone opposed to this bill or and amendments that prevent a full audit of every single one of their actions banking or Fed ties. The Federal Reserve was conceptualized in secrecy by some of the wealthiest on Jekyll Island. It's sole purpose to distort our currency and enrich those with large capital reserves. These are facts and nowhere did our founding fathers intend on an organization being created as such and being exempt from review.
As Senators & Congressman you are the caretakers of our liberties and THIS IS SO BLATANTLY DISRESPECTFUL TO OUR INTELLIGENCE that it is becoming overtly clear that major changes must be taken to prevent this from ever occurring again. I am telling every friend and family member I possibly can in order to bring to light was has been occurring behind out backs and the use of AIG as a slush fund to funnel banks money. I knew this months ago and eventually the rest of the public will as well. Senator Dodd was one of the causes of this disaster and actually received favors from Angelo Mozzilo and Countrywide. He is only politically grandstanding now since his Senate seat is in danger because of Peter Schiff and this is why I joined Schiffs campaign. Even though I work and go to school full time I am taking the time to assist him.
Dodd is the result of nepotism politics. The time has come for change.
Schumer Response:
Thank you for writing to me regarding legislation designed to enhance the audit powers of the Comptroller General with regard to the Federal Reserve. I agree with you that transparency and accountability for the Fed is important. Disclosure is something I’ve stood for throughout my career, and I intend to continue to support efforts to expand the kinds of information available to the public.
For this reason, I voted in favor of an amendment which Senator Chris Dodd (D-CT) offered to the budget resolution which was accepted by a vote of 96 to 2 that would ask the Federal Reserve to publish, on its website, reports which give information regarding the nature and amounts of the collateral which it is accepting on behalf of taxpayers within the various lending programs it is conducting and the number of borrowers that are participating in each of the programs, along with specific details of the amount and type of credit extended. I believe that this will help tremendously to make transparent the amount and type of assistance the Federal Reserve is extending.
Again, thank you for contacting me on this important issue. Please do not hesitate to contact me again if I can be of further assistance on this, or any other matter.
Gillibrand Response:
Thank you for taking the time to contact me about increasing transparency at the Federal Reserve. Throughout the financial crisis of last fall and the ongoing economic slowdown, the Federal Reserve has lent substantial sums of money to help prevent a further economic meltdown using emergency powers established by Congress after the Great Depression. Throughout my time in Congress, I have worked to promote honest and open government. Last fall, I opposed the Troubled Asset Relief Program (TARP) because of its lack of transparency and oversight provisions. As a result, I share your belief that the extraordinary actions taken by the Federal Reserve merit additional scrutiny from Congress and will work to enhance transparency and oversight as part of the financial regulatory reform package currently being drafted.
Currently, the only component of the Federal Reserve which is not regularly investigated by the Government Accountability Office is its monetary policy function. This exemption was established to address concerns that Congress could use these investigations to pressure the Federal Reserve into taking actions that could drive inflation, causing dramatic increases in the costs of basic goods and services and undermining the Fed's primary objective of monetary stability.
I believe it is critically important that we continue to empower the Federal Reserve to prevent inflation while at the same time providing for a full audit of the Federal Reserve system. As Congress begins to examine how to restructure our financial system, I believe that we must include reforms to provide greater transparency at the Federal Reserve while continuing to prevent inflation and ensure economic stability. I will be working with my colleagues on the Senate Banking Committee to ensure that any financial reform package includes these key principles.
Anyway. Lets get these morons out of office.
Any senator that votes for Bernanke after hearing all this testimony should be removed from office.
Dollar will sell off and all major indicies will rally when the schmuck is reappointed within the next hour.
Agree even if he is not reappointed (3:1 odds against that or more), Oblahblah will make sure an equally inept and pandering pumper will be appointed.
Why is everyone blaming Bernanke for failed fiscal and regulatory policy. It seems to me that given the circumstances he did the right thing and the legislative and executive branch did the wrong thing by not letting certain institutions go under and put the right regulation in place. If you were to list the things needed to get the system back in check, monetary policy is the last on the list given the issues that we have. So what do you all want the new Fed chair to do? Raise rates? Let me tell you something, these artificially low rates are keeping a lot of businesses alive. It's not his fault that GS is using 0% funding to leverage 100x and take risky trades, just dont allow GS to be a bank. We need to get rid of Obama not Bernanke. Personally, I'm a huge Volker fan and think he really has been a great Fed chair, unlike Bubble and Helicopter boy but monetary policy is not going to fix our problems, fiscal policy and reform will and as a Washington insider I can tell you that it aint gonna happen. We need a real Secretary of the Treasury before we need a new Fed chair.
Wake up dude? It was Bernanke who didn't let these banks go under. He's taken over $1T of bad assets off their balance sheets and put them on the Fed's balance sheet in exchange for treasuries. You think any of them would be operating if that weren't the case? Don't get me wrong, the entire Congress and Administration is either bought by or comprised of the banking cabal but Bernanke is public enemy #1 to the middle class in this country. Low interest rates don't mean anything at this point. Nobody's lending and if they are it's only to low credit risk clients and at lower amounts.
why comments are not posted ?
Corker a Yes?? Come ON, dude! Who's side are u on? (dumb question...)
I would like to be the first to quote Emerson, Lake and Palmer, "The Christmas you get, you deserve." The world will be a much different (worse) place by the time he is eventually thrown out.
Question....if Benny gets confirmed by the committee, can Bobo appoint Volcker anyway, subject to confirmation?
Corker is normally a smart financial fellow. Disappointed in his Yes, unless he is part of a veiled strategy by the GOP.
is CNBS carrying the hearings?
Yes sorta, they only broadcast all the pro-Bernanke senators' speeches while they run commercials or talk about Tiger Woods scandal when the anti-Bernanke camp speaks.
What is this? A School for ANTS?
Senator Mark Warner
There are no clean hands this has been in the making for twenty years
"so therefore I will vote in favor of Bernanke"
Judd Gregg talking. I feel nauseous.
Senator Judd Greg
Dodd: Senator Greg...
Greg: oh ahh are we ready to vote
Dodd: it's your opportunity to make some remarks
Greg: (still waking up) we're political people here that live by the politics of the moment... congress deserves much of the blame ...
therefore I will vote in favor of Bernanke
Obama do not want to be remembered as the "Banks president"
How can he avoid it at this point?????
It'll be 14-9 FOR Ben.
Ultimately it comes down to Gregg and Corker
VERY UNCOMFORTABLE AS A LIBERAL DEMOCRAT TO WATCH THESE HEARINGS AND BE AGREEING WITH WHAT CONSERVATIVE REPUBLICANS ARE SAYING.
HELLO, HARRY REID, NANCY PELOSI ARE YOU LISTENING? YOU'RE ABOUT TO LOSE YOUR BASE SUPPORT.
The Bell Curve collapse in full view. McCain & Cantwell, Paul & Greyson. Before we know it we might even see Lee & Blackburn or Saunders & DeMint sharing a mic at a presser if this keeps going.
Nomination passed.
jeez
We need to begin a database for the Intelligent R3volution, that includes all data on lobbyists and all congressional staff. Please state all other groups harmful to the citizenry of the US, so we can start growing the list.
The House of Lords' committee as chaired by Dodd just went aye on Bernanke...
reposted elsewhere
Have any congressman read the book 'Term Limits' yet? I haven't, but the premise seems very intriguing......
- Christopher Dodd, Chairman, Connecticut Yes
- Tim Johnson, South Dakota Yes
- Jack Reed, Rhode Island Yes
- Chuck Schumer, New York Yes
- Evan Bayh, Indiana Yes
- Robert Menendez, New Jersey Yes
- Daniel Akaka, Hawaii Yes
- Sherrod Brown, Ohio Yes (soft may change on the floor)
- Jon Tester, Montana Yes
- Mark Warner, Virginia - Yes
- Jeff Merkley, Oregon - No
- Herb Kohl, Wisconsin Yes
- Michael Bennet, Colorado Yes
MinorityDon't kid yourselves ... some of these "no" votes are meaningless. They will still get a Christmas bonus from Wall Street, but also credit from blogosphere for voting no. What difference does a "no" vote make when the measure will pass by a wide margin?
HINT: None.
To be sure, some of these "nos" were true and based on conscience. At least half of them were grandstanding though.