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Senator Sanders To Place "Hold" On Bernanke Reconfirmation, Chairman Will Need 60 Senate Votes To Override
Tomorrow's Bernanke reconfirmation hearing just got more interesting, courtesy of Vermont Senator Bernie Sanders who has stated he will put a "hold" on the Bernanke confirmation process, meaning the Senate will need to amass 60 votes in order to override and proceed with the confirmation process. Yet as the NYT notes: "though the Senate has been paralyzed by similar blocking tactics on
countless other issues, Mr. Bernanke probably has enough support in
both parties to clear the 60-vote hurdle." It is time to call your Senators and remind them that at best only 21% of Americans favor Bernanke's reappointment.
Senator Bernard Sanders of Vermont, said Wednesday that he would try to block the Senate from confirming Ben S. Bernanke to a second term as chairman of the Federal Reserve.
The move is unlikely to derail Mr. Bernanke’s reappointment, but it
could slow the confirmation process and give the Fed’s critics
additional opportunity to press their case. As a practical matter, it
means Senate Democratic leaders will have to line up 60 votes in favor
of Mr. Bernanke rather than a simple majority at a time when the
Federal Reserve is under increasing populist attacks from lawmakers on
both the right and the left.
Mr. Sanders, an independent, is not a member of the Senate Banking
Committee, but he has frequently accused the Federal Reserve of bailing
out Wall Street firms and the banking industry at the expense of
ordinary citizens.
“In this country, there is profound disgust
at what happened on Wall Street,” Mr. Sanders said in a telephone
interview. “People want a new direction and people are asking, where
was the Fed? How did the Fed allow this to happen, when one of their
mandates to oversee the safety and soundness of the banking system?”
Mr.
Sanders said he would place a “hold” on Mr. Bernanke’s nomination when
it reaches the Senate floor. Under Senate rules, lawmakers would need
to amass 60 votes to override Mr. Sanders and proceed with a vote on
the nomination.
As pointed out previously, Bernanke is a Bush legacy, yet is somehow supposed to represent Obama's "change" agenda:
The Fed chairman was originally appointed by President George W. Bush
and took over the central bank in February 2006. Despite his Republican
ties, Mr. Bernanke forged a close working relationship with President Obama and his top economic advisers during the financial crisis.
And some more potential wild cards in tomorrow's historing hearing:
Senator Christopher J. Dodd,
Democrat of Connecticut and chairman of the banking committee, has said
Mr. Bernanke was “probably” the best person to lead the Fed because he
responded valiantly to the financial crisis when it began two years ago.
But
Mr. Dodd has also proposed stripping the Federal Reserve of virtually
all its powers as a banking regulator, and consolidating all the
federal government’s bank regulatory efforts in a new agency. In an
Op-Ed article last Sunday in The Washington Post, Mr. Bernanke sharply
criticized Mr. Dodd’s proposal.
Senator Richard C. Shelby
of Alabama, the top Republican on the Senate Banking Committee, has
also been sharply critical of the Federal Reserve but has not yet said
how he would vote on Mr. Bernanke’s nomination.
Even with Zero Hedge polling indicates a mere 11% of our readers would support Bernanke's reconfirmation, a different poll by Rasmussen finds a comparable result: only 21% favor Bernanke as Chairman.
And here is a reminder of the confirmation whip count in the Senate Banking Committee:
Definite no: 2
Lean no: 3
No indication: 6
Lean yes: 7
Definite yes: 5
Definite no: 2
Bernie Sanders (I-VT):
Senator Bernard Sanders, a Vermont independent who isn't on the banking committee, said Nov. 29 on ABC television's "This Week" that he will "absolutely not vote for Mr. Bernanke" and that the Fed chief is "part of the problem."
Jim Bunning (R-KY):
Jim Bunning, the Kentucky Republican who was the only senator to oppose Bernanke's first nomination in 2005, hasn't changed his views.
'His job rating would be zero minus F,' Bunning said in an interview yesterday. 'He has catered to the big banks, to the Wall Street elitists, to every major money concern in the country and in the world.'
It is possible that one or both of these Senators will place a "hold" on the nomination. Such a procedural move would at least delay a vote on Bernake, which would provide opponents of his reconfirmation time to organize. For more details on what a "hold" is, check Tom Coburn's website (no one places more holds than Coburn).
Lean no: 3
Jim DeMint (R-SC):
"He's [Bernanke's] going to face some tough questions because he's got a lot to answer for," leading Fed critic Sen. Jim DeMint said through a spokesman. "The Fed's mission is to guard the value of the dollar and to focus on employment, and right now their track record is looking very poor."
Richard Shelby (R-AL):
Sen. Richard Shelby (R-Ala.), the top Republican on the Banking committee, would not say how he would vote on Bernanke's nomination, only encouraging reporters to stay tuned for the chairman's hearing this week.
"I used to be a big defender of the Fed," he said, adding he believes the institution has "utterly failed" in its role for regulating financial institutions."
David Vitter (R-LA): As a support of auditing the Fed, everything I have heard is that Vitter is a no--and is even possibly willing to put a hold on Bernake. Still, lacking a public statement to that effect, I won't put him in the "definite no" category.
No indication: 6
Michael Bennet (D-CO): No word for Bennet one way or the other. His primary challenger, Andrew Romanoff, might be an interesting way to move Bennet on this one.
Mike Crapo (R-ID): Praised Bernanke's nomination in 2005, but no word on where he stands now.
Herb Kohl (D-WI)
Three said they're undecided, including Wisconsin's Herb Kohl, Jon Tester of Montana and Jeff Merkley of Oregon.
Kay Baily Hutchinson (R-TX): I can't find any indication on Hutchison, one way or the other.
Jeff Merkley:
Three said they're undecided, including Wisconsin's Herb Kohl, Jon Tester of Montana and Jeff Merkley of Oregon.
Jon Tester:
Three said they're undecided, including Wisconsin's Herb Kohl, Jon Tester of Montana and Jeff Merkley of Oregon.
Lean Yes: 7
Robert Bennett (R-UT)
Utah's Robert Bennett said he'll probably vote in favor
Sherrod Brown (D-OH):
"He's been far from perfect," Senator Sherrod Brown, an Ohio Democrat, said in an interview yesterday. "He was not quick enough responding last year to many of these issues that we care about, particularly in housing. I want him to focus on jobs. But I think he's generally done a decent job."
Tom Carper (D-DE):
"Sens. Charles Schumer (D-N.Y.), Tom Carper (D-Del.) and Mark Warner (D-Va.) all said they'd wait until hearing from Bernanke."
Bob Corker (R-TN)
Corker noted that he leans toward supporting a second term for the Fed chairman, who was nominated in August to a second term by President Barack Obama, but acknowledged gripes toward the Fed chairman on the left and the right."
Chris Dodd (D-CT, chair):
T'm inclined to be supportive. I think he's done a far better job in the last couple of years than he did initially.
Charles Schumer (D-NY):
Sens. Charles Schumer (D-N.Y.), Tom Carper (D-Del.) and Mark Warner (D-Va.) all said they'd wait until hearing from Bernanke.
Mark Warner (D-VA): Over email, a spokesman for Mark Warner told me "Senator Warner is inclined to be supportive of Bernanke's reappointment, but he's certainly not a fan of expanding the role or the power of the Fed as part of financial re-reg."
Definite Yes: 5
Daniel Akaka (D-HI): Bloomberg reports Akaka is a yes.
Evan Bayh (D-IN): Bayh was the first prominent Democrat to support Bernanke in 2005. According to Bloomberg, also support him in 2009.
Judd Gregg (R-NH):
Judd Gregg, a New Hampshire Republican, said Nov. 20 he will "absolutely" vote for Bernanke.
Mike Johanns (R-NE):
Among Republicans, Nebraska's Mike Johanns said Bernanke "will have my support.
Tim Johnson (D-SD):
Sen. Tim Johnson (D-S.D.) -- a favorite of Wall Street -- told HuffPost that he has decided to vote to confirm Bernanke.
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this is great!
I know you have people reading this site Sen. Schumer......please don't support Bernanke because his policies have failed miserably for the past 10+ yrs and they will fail again and I promise New Yorkers will remember this.
Bernanke is destroying the US economy and the populace knows that he and the banks are screwing the usa....why do you think Obama's numbers are sinking? Your vote for Bernanke (I fully expect you to support him) will come back to haunt you Sen. Schumer.
So, decide if you want to help the middle class of the USA or just set yourself up for a wall street job after your Senate gig.
well said, Bernanke knows that you can't create something out of nothing (even though it appears he believes it), so his plan has been to replenish the banks from the hides of the American working class. destroying the dollar by printing it and putting it into the banks via Fannie/Freddie MBS, TALF, etc is nothing more than an insidious way of stealing from the working class to pay for bank bailouts.
oil should be at $30 if not for the money printing. copper should be at 1.5, not 3. etc. the fed's own beige book today proves it - commodities prices are much higher than they should be given economic activity.
every time a working class American fills up at the pump, they are paying for Goldman Sachs bonuses.
this is pure robbery of the American people, and rather than be confirmed, Bernanke should be put on trial for Treason.
Well Said. +100. I'm sure Zimbabwe Ben will be reminding the Senators that BAC is repaying the TARP, after paying over 6 billion in preferred divs to the treasury, so all is well with the US, we're on the road to recovery. The 10-20% unemployed, that's just the collateral damage. Pay no attention to the 2 trillion on the fed's balance sheet.
The problem may be due to the fact that Bankers are used to creating something out of nothing. They get paid to create money out of thin air.
I'd say they are under the impression that they can make a sound economy out of thin air. They've been on that bent for 20+ years now.
The only thing missing is the "Chicks for free".
As most of the masses sing backup, "I want my MTV (American Idol, Dancing with the Stars, etc)!"
I agree Sen. Schumer. As John Hussman says in his latest piece, the Fed has taken unconstitutional actions through this crisis. They are out of control and despite their talk of a "strong dollar policy" the dollar continues to weaken, sowing the seeds of hyperinflation and real pain for the middle class and the backbone of this country. There should be more transparency and more oversight of the Fed.
+1
No, it wont. It may cause him to lose him senate seat. However, in that event I am ABSOLUTELY sure that he will be taken care of by whoever is in wall street going forward
well, since im 100% gold/commodity based I kind of have an interest in seeing Ben renominated. Its easy money and you know he's not going to ever stop printing. Why take a chance on the next person doing something equally bad, but that makes you unable to so easily profit as you can now from endless printing. At this rate it might make sense to buy an ink company.
Any Texans or anybody else here got a read on Kay Hutchinson as she is running for Governor....
Haven't heard good things about her, she is a Bilderberger so I would expect her to toe the line.
That line may well be "divide and conquer". Do you have a flag?
http://www.poptech.org/popcasts/juan_enriquez__poptech_2006
No need to worry about Kay Hutchinson, she's works for us.
My read is she is a banker suck up. She is probably blowing Bernanke as I type.
Is that how you get excess liquidity out of the system?
Admire the efforts....but this is a done deal no matter how many calls to senators.
The whole lot needs a good plunge then flush.
yah yah..more like he forged a few trillion dollars and stuffed the right pockets with them.
quantitative sleazing.
I guess Sanders gets no holiday card from the Bernanke household this year.
Question: Why did Dubya visit every state except VT?
Answer: Because the Green Mountain Boys had him under indictment for treason.
http://sanders.senate.gov/newsroom/news/?id=be0a7cbd-2e62-4d3b-b781-7863...
Bernie's got stones. I voted for him. That other "independent" is a JDL tool.
Bernanke has carried on with the Greenspan monetary idiocy. He has been the lapdog of the financial elite. He hasn't got the spine to stand up to the banking cartel. And he refuses to come clean on what "assets" the Fed has paid taxpayers money and credit towards that he is hiding in the Fed balance.
Hey, he sounds like the kind of leader we need at the Fed. He's a shoe-in.
In the unlikely event he weren't re-confirmed they would just replace him with an equally despicable maggot.
Larry Summers would be worse
The price of gold is saying "It's time PAUL VOLCKER". Get off the bench and into the game. There's a guy with the stones that could get the job done.
Indeed. Maybe some of his supporters will float a tial balloon or perhaps a rumor here or there.
This means wiggle room for the endangered '10 incumbents......they can sleep in for the vote and still keep the pilot in the helicopter. Dodd especially should schedule a hang nail procedure for that day.
The probability wheel leans strongly toward a Fed-induced fiasco by next November.
Just remember that someone will need to be appointed so if it ain't Benny who will it be...
I'd like to know who Sanders would want in the position - probably someone like Krugman (though I think Paul is too far to the right for Bernard's tastes)
if it ain't Benny who will it be...
May I suggest Hu Jintao?
Ha ha!
Bill Dudley.
Goldman- Sachs alumnus, NY Fed ... no brainer ..
I'm sure he (nor I) would have any problem with James K. Galbraith or William K. Black.
Black gets a thumbs up from me. I don't know Galbraith's opinion and view of dealing with a Debt Bubble.
Noted, but one has nothing to do with the other. Bernanke clearly failed and must be fired immediately.
Saying that Bernanke must be reappointed on the basis of not knowing who would be his successor, is like saying a convicted felon who, after years of imprisonment, is found to be innocent should continue to be incarcerated since they do not yet know who actually committed the crime.
interesting timing on the BAC "immediate" tarp repayment and now this bit.
I emailed my Senators
-------------------
I'm contacting you tonight to vote nay on the reconfirmation of the Federal Reserve Board Chairman, Ben Bernanke. He has failed as a Fed Chairman in managing the duties of the FRBNY in all four areas laid out on its website: http://www.federalreserve.gov/pf/pdf/pf_1.pdf
1) He has failed to keep prices stable in numerous asset classes
2) He has failed to supervise and regulate banking institutions to ensure the safety and soundness of the nation's banking and financial system
3) He has failed to maintain stability of the financial system and contain systemic risk
4) He has failed to provide sound and any kind of conservative financial services to institutions and other entities
Also, according to the latest Rasmussen poll, only 21% of American's favor his reconfirmation.
http://www.rasmussenreports.com/public_content/business/general_business...
Remember who you represent.
------------------------
Your note is nicer than mine...
Good for you, don't listen to the defeatist attitude of some on this board, if we were all like some of them the Queen would still be on our coins.
Thanks, Zro. I hope others will plagiarize your letter as I did. Very effective.
Just contacted Corker. He has been useless in the past, but I tried.
I contacted that vampire squid sucking Schumer again. I wish I could buy a vacuum cleaner that sucks as hard as Schumer does on the wall street nipple.
Talk about fighting an uphill battle.....
I contacted him as well and got five more friends to do the same. I'm also campaigning the family in Oregon to get on Jeff Merkley. All we can do is make as much noise as possible.
I am going to call Schumer's office locally and in D.C. tomorrow just to say please vote against bernanke as a follow up to my emails.
hope you and the fam are doing well Howard.
Thanks DH. I'm still clawing my way back but hanging in there. Best to you and yours.
I am an Oregon resident and just contacted Merkely as well.
My letter to Ms. Lincoln.
Ms. Lincoln,
It is my understanding that Senator Bernie Sanders has placed a hold on the re-nomination of Ben Bernanke to the chairmanship at the Federal Reserve Bank. Isn’t it amazing that it took a socialist to stand up for the American Tax payer.
The fact of the matter is … when it involves tax payer money … all things must be transparent and all things must be audited – including the Fed. We all know what happens when they don’t. You get $23,000 toilet seats and AIG bailouts.
Without complete transparency and audits of the Fed, Americans are at risk. It is our elected officials’ fiduciary responsibility to mitigate this risk through oversight and advise and consent.
I ask that you join the Honorable Mr. Sanders in this hold.
You say you were thwarted by politics regarding publishing the Healthcare bill and its amendments. There is nothing standing between you and placing a hold on Ben Bernanke’s confirmation. The only politics will be your own.
As you know Arkansas is a fiscally conservative state … that why we have a balanced budget. The adage I grew up with is “when in doubt, be conservative.” The fiscal conservative thing to do now is place a hold on Ben Bernanke until such a time as an audit has been performed and made public. Then and only then will you be able to make a clear decision regarding Mr. Bernanke’s fitness for the position.
Sincerely,
Angie Pratt
I sent a very similar letter to Mark Pryor.
"Isn’t it amazing that it took a socialist to stand up for the American Tax payer."
Great letter, but not so amazing that a pure socialist would stand up against Bernanke.
Bernanke is part of the Fascist elite. Both pure socialist and pure libertarians are against the same thing - Fascist totalitarianism.
The enemy of my enemy is my friend.
Sanders is a democratic socialist. Their whole goal is to change society through political control over society and economic actors to bring about "greater equality." Democratic socialists believe society and the economy should be run democratically to meet the "public's needs."
How does advocating fascism by the majority make him opposed to fascism?
He is opposed to fascism by the elite.
Ben Bernanke actually hopes that he does not get re-appointed, 'cause he knows the system colapse is near and does not want this to happen on his watch. Easy way out for him.
He knows that the alternative will be a templar aperture, self inflicted or otherwise.
That'll be all, Senator SandersSANDERS
You had Geithner sign a phony asset transfer
order--
GREGG
Senator--
SANDERS
You doctored the repos.
JOHNSON
Damnit Sanders!!
SANDERS
I'll ask for the fourth time. You ordered--
BERNANKE
You want answers?
SANDERS
I think I'm entitled to them.
BERNANKE
You want answers?!
SANDERS
I want the truth.
BERNANKE
You can't handle the truth!
(And nobody moves.)
BERNANKE
(continuing)
Son, we live in a world that has markets.
And those markets have to be guarded by banksters
with money. Who's gonna do it? You? You,
Senator Bunning? I have a greater
responsibility than you can possibly
fathom. You weep for capitalism and you
curse the banksters. You have that luxury.
You have the luxury of not knowing what I
know: That capitalism's death, while tragic,
probably saved jobs. And my existence,
while grotesque and incomprehensible to
you, saves jobs.
You don't want the truth. Because deep
down, in places you don't talk about at
parties, you want me at the wheel.
You need me there ...
We use words like 'growth','stability',
'profits'...we use these words as the
backbone to a life spent defending
something. You use 'em as a punchline.
I have neither the time nor the
inclination to audit myself for a man who
rises and sleeps under the blanket of the
very guarantees I provide, then questions the
manner in which I provide it. I'd prefer
you just said thank you and went on your
way. Otherwise, I suggest you pick up a
private sector job and stand a post. Either way, I
don't give a damn what you think you're
entitled to.
SANDERS
(quietly)
Did you doctor the repos?
BERNANKE
I did the job you sent me to do.
SANDERS
Did you doctor the repos?
BERNANKE
(pause)
You're goddamn right I did.
A Few Good Banksters. Beautiful, heatwarming, it brought tears to my eyes.
LMAO!!! Genius.
Wouldn't it be cool if Bernanke was like this?
Nice job on this by the way. Would you have Jack play Ben in the movie? Grow a beard? God that's a funny image.
I love Jack's acting...please don't wreck it for me by even thinking about that role...
i will earworm you if you don't behave !!
LMFAO
...i would rather you just said thank you and went on your way Senator
I'd go w/Jason Alexander (George Costanza)
That's classic. My eyes are watering from laughter...
And isn't funny how the socialist is probably the strongest defender of capitalism at the moment?
Well that just goes to show that clowns (Sanders) who are doing the right thing at the moment, are doing so by accident. If Sanders had any idea how his unfunded liabilities (social programs) get funded, he'd be on his knees in front of Bernanke, or maybe in back of him, if Bernanke is more amenable to requests following a 'rusty trombone'.
Awesome! But substitute Paulson for BB, and you can bring in "Code Red". 'Course that would be in the Senate Judiciary Committee where Cheney made subpoenas as compelling as constitutional law scholars.
Over 80% of the country expressed reserve and called their Senate Critters urging them not to support the bailouts .... did they listen? Will they listen now?
Guy Fawkes had a solution.
Some here still seem to believe that there is any validity to the system that's commonly referred to as "due process".
There is none. It is what it is, a farce. It's good entertainment I will grant that to the various players involved, but it is neither fair nor representative.
Party on.
US politicians would do well to remember that they are ultimately responsible for what's going on. And if Ben Bernanke trashes the US dollar. Then it's the elected politicians who will pay a price at the polls for that.
An open letter to Sen. David Vitter from a constituent:
Vote for Bernanke at your own peril.
Another email to my Senators:
"A new Rasmussen Reports national telephone survey finds that only 21% of adults believe the president should reappoint Bernanke to another four-year term. I also think that BERNANKE should NOT be confirmed.
Just say No to Bernanke."
Off Topic,
Someone posted something on Kudlow yesterday, calling out Tiger Woods to come clean. Seems KD has decided to jump this shark too.
http://market-ticker.org/archives/1688-The-American-Double-Standard-Tige...
I read his piece. Kind of surprised me. I've read KD for quite some time, but somewhere along the line I think he changed.
So, very soon we will find out if Banana Ben is going to be the last FED Chairman. May God help us, for we are going to need it.
I have written my reps and senators for some time, railing against the Fed and their actions, but lately I've had second thoughts.
Now I want to see Bernanke reappointed. I want him and the Fed to go on a printing spree to end all printing sprees. And I mean that literally.
What needs to happen is for this foolishness to blow up dramatically and painfully, and for the carnage to be hung around the neck of the Fed and all it's enablers.
Hey Mr. Bernanke, take a trip to North Korea and see how a REAL man devalues a currency
bernanke, rubin, dodd, barney would be remembered as the key figures who brought america to the ranks of banana republic aside the likes of Zimbawe, german weimar, argentina and north korea. The gold market is telling us that sometime next few months, america and britain would face a fiscal implosion.
My letter to Judd Gregg, which was sent to him this evening:
--------------
--------------
It deeply saddens me to be so ashamed that you represent me, as a NH resident, in that you fully support Ben Bernanke to be Federal reserve Chairman. As you know, he has repeatedly denied information asked of him by members of the congress and refuses to let America know specifically where he has made liquid trillions of dollars to others. This is akin to making a treaty without congressional approval.
In Bernanke's Federal Reserve most-recent FOMC statement (along with many previous) says: To provide support to mortgage lending and housing markets and to improve overall conditions in private credit markets, the Federal Reserve will purchase a total of $1.25 trillion of agency mortgage-backed securities and about $175 billion of agency debt.
Section 14 of The Federal Reserve Act governs the purchase of assets (Section 13, including 13.3, governs the extension of credit, that is, "discounting a note" or "the making of a loan.") It says, in part, that The Federal Reserve is empowered:
To buy and sell in the open market, under the direction and regulations of the Federal Open Market Committee, any obligation which is a direct obligation of, or fully guaranteed as to principal and interest by, any agency of the United States.
The remaining sections do not apply as they are not (a) bullion or contracts for same, (b.1) HOLA-related paper, limited-duration revenue anticipation debt, nor otherwise qualified under that section as limited-duration municipal or state debt, (c) a bill of exchange, (d) a rate of discount applied to loans or otherwise-authorized purchases, (e) a foreign exchange obligation, (f) a bankers acceptance defined under that section, or (g) a supervisory act as provided therein.
It has been claimed at various times that Fannie and Freddie have an implicit guarantee. But that is insufficient. Section 14(b.1) and 14(b.2) both clearly require a full faith and credit guarantee as to both interest and principal by The United States.
---------------
Remember, this is the same Federal Reseve that said:
"subprime is contained"? (3/07)
Or "we do not expect spillovers from the subprime markets to the rest of the economy or to the financial system"? (5/07)
Or "monetary and fiscal policies are in train that should support a return to growth in the second half of this year"? (4/08)
Or "our baseline forecast is for moderating inflation"? (7/06)
Or ".... expect energy and other commodity prices to flatten out"? (7/07, right before the insane run in these prices began!)
Be that as it may, as my representative you need to ask Ben Bernanke a few key questions during his reconfirmation so talk with Ron Paul and Alan Grayson
And some VERY important reading for you to consider before you vote:
http://market-ticker.denninger.net/archives/551-Hisssssss.....-BOOM!.html
...and MOST IMPORTANt of all please read:
http://market-ticker.denninger.net/archives/1687-The-Last-Word-On-Bernan...
i want a PERSONAL and DETAILED written reply from you, as my representative and NOT a form letter. As a voter and person you represent, i deserve a personal and proper personal response to this note to you. As such, you are to be fully accountable for your actions.
Sincerely,
___My Name___
-------------
-------------
PS: i agree Denninger can be a twit, but the links above are decent enough.
150070...that was awesome!
Many thanks. Am trying to do my part.
FYI: We here in NH TRULY do believe in LIVE FREE OR DIE. We also are a tight bunch (unlike New Orleans) and when last year the massive damage due to ice storms shut down the State for a week+, we all PULLED OUR RESOURCES TOGETHER and helped one another and it mattered not if you wee my neighbor or some stranger needing tree removal off your home or something fixed.
Unlike New orleans, here in NH during this massive emergency there were no robberies, no shootings, we here in the LIVE FREE OR DIE State truly, sincerely, and very much mean it! Guys like me show up personally at the State house... and hundreds like me. So it is not just me, there are thousands here in NH who WILL make our voices heard, we WILL test laws and we WILL demand change not just in words, but in deeds and in our actions.
So it is not just me in NH, it is WE (the people).
Sadly, it seems too many Sheeple wanting free handouts and subsidies in the USA are ruining the country. NH needs to secede the Union ASAP IMHO.
Bernanke is either stupid or a devious liar. Which trait makes him palatable exactly ?.
Bernake is better than Rubin or Summers
Who will Obama appoint?
Don't think it will be Volker -- Volker is out
Bernake says he will exit the stimulus before inflation --- will his replacement?
There is a point that the only way to bring the dollar in line with the Chinese Yuan is to inflate it.
If you are not going to end the Fed --- then stick with Bernacke
If this dump Bernacke mantra gains popularity in the state run media, then we will know for sure that Bernake was set up and is a fall guy.
The man tapped to succeed Greenspan as Fed chief currently advises Bush on economic issues.
October 24, 2005: 6:00 PM EDT Ben Bernanke
NEW YORK (CNN/Money) - Ben Bernanke currently serves as the chairman of President Bush's Council of Economic Advisers, which provides the president with analysis and advice on economic issues.
Before his appointment to the council in 2005, Bernanke served as a governor of the Federal Reserve, the nation's central bank.
As chairman of Princeton's economics department before joining the Fed in 2002, Bernanke has said he always thought he would be an academic lifer.
With interests in monetary policy and macroeconomic history, Bernanke has published extensively on the Great Depression and a wide variety of economic issues. He also has been known as a strong advocate of transparency at the central bank.
Born on December 13, 1953, in Augusta, Georgia, Bernanke was raised in South Carolina.
He began collecting academic honors early, winning the South Carolina state spelling bee in 1965. He was eliminated at the nationals, however, when he misspelled "edelweiss."
He earned his B.A. in economics at Harvard University in 1975, where he won the award for best undergraduate economics thesis as well the prize for outstanding senior in the economics department.
After receiving his Ph.D. in economics from MIT in 1979, he started his teaching career at Stanford University's Graduate School of Business.
He left Stanford for Princeton in 1985, where he spent 20 years on the faculty as a Professor of Economics and Public Affairs. He also has served as a visiting faculty member at other institutions, including MIT.
During his time at Princeton, Bernanke got an education in public service while serving two terms as a member of his local school board in Montgomery Township in New Jersey. The academic turned policy-maker has said that experience formed many of the skills he used while at the Fed.
He's held a Guggenheim Fellowship and a Sloan Fellowship, and also has served as editor of the American Economic Review.
He's published many articles on a wide variety of economic issues, including monetary policy and macroeconomics, and he is the author of several scholarly books and two textbooks.
Bernanke and his wife, Anna, have two children.
Bernacke the outsider
tyler, has Zerohedge contacted the NYT to determine how they arrived at the conclusion that Bernanke likely has 60 votes in the Senate? Yves pointed out on Naked capitalism that Bloomberg was shilling for Bernanke, exaggerating his support on the committee. Teh same appears to be true here.
I'm not an expert on Bernanke, but I will say that I never seem to see any real evidence of him ever having REALLY done anything. OK, he's supposed to be the head honcho and all that makes all the big calls on interest rates and such, but from what we're allowed to see and read, he just seems to be a trained spokesman with an ivy league pedigree. The Bernanke story is missing evidence of decision-making processes, discipline of subordinates, leadership, quelling dissention, etc., etc. Kind of makes me want to rent "Wag the Dog" again . . .
Bernanke's a patsy - the inner circle desperately needed a helicopter pilot. if he's barking up the wrong tree you can't really fault the guy for it now. he's the guy who said he'd drop money from a helicopter before the crisis even started. here's cognitrend's take on the subject:
I tuned into CNBC this morning to see how they were going to spin the Bernanke confirmation hearings today. To my surprise they aren't putting any spin on them at all. Nope. Nadda. Zippo! In fact, you wouldn't even know that he was scheduled to testify. TODAY'S COVERAGE IS ALL ABOUT OBAMA'S JOB SUMMIT. Nothing to see here, folks, move along...move along! Oh well, at least we still have FOX.
You should have stayed a bit longer. They are interviewing Turbo Timmy. Of course this is CNBC, and Turbo Timmy's mouth is moving, so you know...well, maybe you didn't miss anything.
apathy kills.
he gets reconfirmed after much arm waving and loud voices.
people cite these numbers that say 80-90% of the population doesn't approve, but the fact is that only a small fraction of that care enough to vote their senators out because of it.
that's what they know. that small fraction is growing, but when elections roll around and the TV commercials start all over again, it will be about the War on Terror, or that the Senator voted in favor of some bill that sent jobs to the state, or how he's anti-abortion, etc.
the issue of money remains too complicated for most ordinary people. therefore, this will never end with a vote or a new chairman. it only ends with a catastrophe.
of course, jmho. hell, zero hedge is not a good place to poll the masses as just to post here, 80% of people would fail the math question.
sad but true.
Ohio is so STOOOOPID. I did my part and contacted S Brown...it's nice to see he is clueless.
This is beyond frustrating!
I hope your staffers are reading Zero Hedge...at least I know I've sent you links.
Akaka just mentioned "financial literacy" during the hearing, yet his questions indicate how clueless he is.