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Republican On Senate Banking Committee Rumored To Follow Sanders, Place Hold On Bernanke Reconfirmation
This exciting development from Firedoglake:
As Ben Bernanke’s confirmation hearing begins in the Senate Banking
Committee, a source tells FDL News that one Senate staffer and an
outside source confirmed to him that at least one Republican on the
committee will also place a hold on the Federal Reserve chairman,
throwing the process into potential turmoil and giving Chris Dodd a
difficult series of choices to make.
Dodd, who just announced his intention to vote for Bernanke’s
confirmation in the Banking Committee and on the floor of the Senate,
would be in charge of the decision to honor or ignore that hold. The
fact that Dodd tried to place a hold on the FISA Amendments Act in
2007-08, and was generally ignored by Harry Reid, just adds a layer of
irony to the process.
The source, speaking on condition of anonymity because of his work
behind the scenes on the Bernanke confirmation, told me that two
separate sources assured him that the Republican hold would be made
public after today’s hearing. One staffer said that two Republicans
would place the hold, while the other said it would just be one. The
source said that the trans-partisan nature of opposition to Bernanke,
with a conservative Republican and a socialist independent uniting to
block the appointment, shows the intensity of the feelings on the
issue. “It’s great to see everyone come together – Democrats,
Republicans, progressives and libertarians, against this Federal
Reserve, which is not federal, and not a reserve, just a group printing
money and giving it to their buddies,” the source said.
While most people think that the multiple holds would delay the
process, it’s unclear whether or not it would succeed. Dodd would
probably have the discretion to roll over the hold in committee, though
he may be reluctant to do so, experts in Senate procedure said. Harry
Reid could also seek cloture on the motion to proceed on Bernanke’s
nomination on the floor, which would require 60 votes.
At the very least, this delay and the publicity surrounding
bipartisan opposition to Bernanke would bring attention to the issue of
the Federal Reserve and the desire for transparency, like the movement
to audit the Fed. That provision has already passed in the large
financial reform bill in the House Financial Services Committee, and Barney Frank said yesterday
that he didn’t expect any changes to the bill as it passed the House,
citing the public anger over the issue of transparency. There is
language on Fed audits in the draft financial reform bill written by
Sen. Dodd, which also strips the Fed of some of its power, but it is
not the same as Bernie Sanders’ audit the Fed bill, which has as many
as 30 cosponsors.
The source, who has been working on the Federal Reserve issue for
five years, marveled at how the issue has gained so much new attention
during the financial crisis. “Up until last year, nobody knew what the
Fed was. Ron Paul got 5 co-sponsors on his audit bill when he first
introduced it, and now we have 300.”
Sen. Dodd’s office has not yet responded with a comment.
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“It’s great to see everyone come together – Democrats, Republicans, progressives and libertarians, against this Federal Reserve, which is not federal, and not a reserve, just a group printing money and giving it to their buddies,”
lovely
Senator to Bernanke: "so when you say we're going to end the purchase of MBS next March, that's sort of like saying we're going to pull our troops out of Afghanistan in 18 months"
Senator Bunning said earlier that he would do everything possible to prevent Bernanke's reappointment
Props to Bunning. His comments to Bernanke were a two-seam fastball and Bernanke struck out. If anyone has a video it's worth watching the replay.
My guess is Bunning, my bet is he got a ton of fan mail after he tore Bernanke a new one today.
Awesome! At least throw up some token resistance to Zimbabwe Ben!
Exactly, don't listen to the defeatist among us. Will Bernanke get re-appointed? Probably. But that doesn't mean his nomination shouldn't be fought.
If it looked like Bernanke was going to get the votes, would it hurt to reappoint him for an interim period instead of the normal term? Maybe the next one to three years. Then the people could voice their will by way of the next congressional or presidential election.
Here's the hilarious part, screw with the Fed and the dollar probably ramps.
Spin that Hee-Haw.
Just looking across the way to the bernanke Poll that ZeroHedge put up shows it's readers speak for the rest of the populace!
Its DeMint - he's nailing him, and Benjie looks like he just got hit by a sledgehammer... looks like he's gonna break down and cwy.
Yeah! Go demint! That was great
I mean can't you just vomit when you consider that our economics, yea our very lives in one respect, are in the hands of fungi like Obama, Summers, Bernanke, Gates, Clinton, Pelosi, Reed, McCain, Graham, Bonior, Olympia Snow, Barney Frank, John Kyl and the like? I could go on but I think you get the idea. Just about anywhere you look in Washington, all you've got there alleged looking out for you are just the worst sort of lobby compromised filth.
Asked to comment to on Noriel Roubini's recent observations about the dangers inheret in the carry trade, all the reputedly "thoughtful" Bernanke could manage was, "Mr. Roubini's view on the economy are extremely pessimistic." Not a retort, mind you, but an oblique attempt at a smear. This rodent needs to go and at the earliest possible time. My only fear is that that could mean a return for him to academia where his "thoughtfulness" might rub off on our younger generation. Bernanke missed his calling. He should have been a mortician.
Yep. If you can't make it competing in the private sector, you can always take a government job, and if you can't make it in "public service" you can always teach. I call that "The Mishkin Rule."
Academia is a safe place for people like Bernanke, because the only thing you produce are papers where you argue your esoteric and nuanced ideas, and the price of being wrong is an esoteric and nuanced response via paper from another academician (the medieval equivalent of arguing on the internet).
Teaching, on the other hand has implications. Bernanke has already done enough to let other people learn from his mistakes. No need to make a career out of it!
Demint was excellent throwing his words back at him.
I'm not sure whether Ben's a pitcher or a catcher, but who's in the bullpen to replace him ??
Here's the real thriller : Dodd's in a tight spot due to the '10 midterms and he's in serious trouble at home. A couple of AYES from him and a subsequent Fed-induced catastrophy ( or audit ) over the next 10 months will bounce him right out of his seat.
This could set up as a well deserved shanking by his own hand.
Just get the show over with, Ben has dollars and jobs that need to be destroyed.
Senator Bunning today was priceless.
http://www.youtube.com/watch?v=31VyqqnIeG4
I said: P R I C E L E S S
http://classic.cnbc.com/id/15840232?video=1349267835&play=1
Funny that the Socialist is the one that is shanking the nomination.
I'm going to take a wild guess that it is Jim DeMint of SC. He is on the Senate Finance Committee. I called his office yesterday to make the argument BB had not performed well enough to justify reappointment. A staffmember said he had not made up his mind. If it is DeMint I'm going to vote for the guy for President.
No one has asked about the implication of gold going the roof,and whether that is because inflation(which is virtually nonexistent),or is it more of a lack of trust in the financial policies of the fed.
Tyler, I spoke to a staffer at Senator Hutchinson's office who said she would be voting aginst the reappointment. I assume the hold is comming fform Bunning.
wishful thinking fellas, you are getting set up for a fall. Bernanke will get the confirmation. they have already done a head count this is purely for the benefit of people trying to get re-elected in 2010.
What kind of 'fall' are you talking about? We've got nothing to lose. It's not like it's an election.
Are you saying, voicing opposition is pointless? Because I would disagree with that. Being vocal changes the culture.
Exactly. the culture is changing. Look at Ron Paul's bill. he has been trying to get that passed for literally decades. Now it has 313 co-sponsors in the House. Not to say it will get passed, but its status so far is in and of itself a huge victory.
The key to things like Bernanke's confirmation hearings aren't his confirmation itself, it is the exposure it brings to his corruptness.
the key will be the next couple elections, when good and decent people are running, people like Rand Paul and Peter Schiff, who believe in the principals that made this country great, not the totalitarian Fascist mess it is turning into.
Bunning said at the hearing today "I will do everything I can to stop this nomination and drag it out for as long as I can." If that doesn't suggest he will join Sanders in putting a hold on the nomination I don't know what would.
Damn that 2010 election cycle is going to be a doosie.
Jim Bunning is amazing. Senators knows everything. They just have their own priorities.
Here comes Gregg, this guy is a real scumball and traitor to the country. Luckily he is not running again.
Gregg just gave him verbal sex. At least at the start.
I stopped listening because it made my ears feel dirty. I bet even Ben was squirming a little.
Anyone here from NH? How the FUCK does this guy get elected?
I sure hope his successor is more of a patriot than this scumball.
I watched, he had to adjust his crotch. :-)
I had some hopes for Gregg, but he was pretty bad. If you watch enough of these hearings, these people are all over the place. In one, you might think so-and-so is ok and a straight shooter. Only to be disappointed then next time when the same critter sounds like a freakin clueless moron. Guess that should tell us something. Of course many are clueless morons all the time and there is no doubt.
I am surprised you had hope for him, I had none. he has demonstrated time and again he is on the side of the financial elite. he is a Fascist scumball. luckily he is not running again. good riddance.
Your correct ghost. I guess I'm too optimistic. Corker isn't much better either. At this point I think Heli Ben's confirmation is an easy trade. He's in.
How can Gregg talk so much with Bernanke's cock in his mouth?
After listening this morning, it has to be Bunning. He may be an effin' idiot, but even a stopped clock...
Agree he's an idiot. But a great MLB pitcher 45 years ago. Perfect game with the Phillies, Father's Day 1964. He didn't throw many balls, but he sure has 'em.
Helicopter Berskankie should have fabricated another crisis and spiked the ES limit down before heading to the hill for re-appointment. Then he would have had all the jack-legged politico's eating out of his hand. That must have been in ol' Hank's playbook, cause Timbo always looks like he is going to piss his pants when he has to explain himself.
One of my senators was against EESA/TARP last year, right up until someone called him and mentioned they had lost $40k in retirement funds at the NYSE casino during the meltdown. After that, my senator caved in and said: "Make the bad man stop, Berskankie!"
wtf is Corker blathering on about? It's like he's just moving air around.
'Fed was founded for financial stability purposes, not monetary policy'? Maybe that's the official story.
most likely bunning, he is retiring after this term ending nov 2010. rand paul is running for his seat in KY
Watching this hearing, my god, it is a capsulized view of everything EVERYTHING that is wrong with our country...
we've got a bunch of fat old white men THANKING BEN for showing up and sucking up about how much they respect him..
a guy who has done not just a bad job but a HORRIFIC job.
two guys take him on....and they were great, but hell, they sugar coated it, and didn't zero in on some of the outright theft and lying of the Goldmanites in the room......
neither DeMint or Bunning talked about the money being stolen...nope...the great unmentionable...like everything that was done was done with the best intentions and for "the good of the country"
an absolute incompetent, thanked and respected, for allow the outright rape of the country, and it appears headed for another four years where he can finish killing off this country's future.
thank you Mr. Bernanke for your service and coming here today. really appreciate you taking the time off to talk with us.
I just wrote both NJ Senators the following:
This communiqué is in regards to the question of Ben Bernanke’s reappointment as Federal Reserve Chairman. The Federal Reserve’s website overview contains the following primary objectives:
· supervising and regulating banking institutions to ensure the safety and soundness of the nation’s banking and financial system and to protect the credit rights of consumers
· maintaining the stability of the financial system and containing systemic risk that may arise in financial markets
And from 12/3/09 WSJ:
“. . . we also didn't know then how complicit Mr. Bernanke was in Mr. Greenspan's monetary decisions. Now we do, thanks to the release of the Federal Open Market Committee transcripts from 2003. They show (see "Bernanke at the Creation," June 23, 2009) that Mr. Bernanke was the intellectual architect of the decision to keep monetary policy exceptionally easy for far too long as the economy grew rapidly from 2003-2005. He imagined a "deflation" that never occurred, ignored the asset bubbles in commodities and housing, dismissed concerns about dollar weakness, and in the process stoked the credit mania that led to the financial panic”
http://online.wsj.com/article/SB10001424052748704107104574572160340353006.html?mod=djemEditorialPage
On 2 of 4 critical mandates, he has failed. Any credit he is given cleaning up the mess is negated by his role in facilitating the crisis in the first place. And his “solution” of egregious money printing has debased the currency and punished savers.
Many share my sentiment. Rasmussen reports that only 21% support Bernanke’s reappointment.
http://www.rasmussenreports.com/public_content/business/general_business/november_2009/just_21_favor_bernanke_s_reappointment_as_fed_chairman
Please cast your vote reflecting the overwhelming majority and vote AGAINST Bernanke’s reappointment.
Thank you for your thoughtful consideration.
Re Judd Gregg: When do you think they are going to set the wedding date?
Senator Bunning does not heart Ben Bernanke. Awesome. Fantastic. SNAP.
http://bunning.senate.gov/public/index.cfm?FuseAction=NewsCenter.NewsRel...