The Tide Has Turned: Barbara Boxer Joins Feingold And Many Others Opposing Bernanke
The only question now is whether it is time for Bernanke to resign instead of suffer the indignity of the vote down. From HuffPo:
California Democrat Barbara Boxer has become the latest senator to
oppose the nomination of Ben Bernanke to a second term as Chairman of
the Federal Reserve.
Boxer's opposition, which she announced in an exclusive statement to
the Huffington Post, is a blow to Bernanke. Boxer is no firebreather on
economic issues, but considered a more mainstream Democrat from a state
that was considered comfortably blue -- until Tuesday's special
election in Massachusetts, that is.
"I have a lot of respect for Federal Reserve Chairman Ben Bernanke.
When the financial crisis hit in late 2008, he took some important
steps to prevent what many economists believe could have been an even
greater economic catastrophe," said Boxer.
"However, it is time for a change -- it is time for Main Street to
have a champion at the Fed. Dr. Bernanke played a lead role in crafting
the Bush administration's economic policies, which led to the current
economic crisis. Our next Federal Reserve Chairman must represent a
clean break from the failed policies of the past."
And this came in earlier:
More sharks are circling around Ben Bernanke's nomination for a second term as chair of the Federal Reserve.
On Friday morning, yet another Senator -- Russ Feingold (D-Wisc.) -- announced that he will vote 'nay' on confirmation.
"A chief responsibility of the Chairman of the Federal Reserve is
to ensure a sound financial system," read a statement issued from the
Wisconsin Democrats office. "Under the watch of Ben Bernanke, the
Federal Reserve permitted grossly irresponsible financial activities
that led to the worst financial crisis since the Great Depression.
Under Chairman Bernanke's watch predatory mortgage lending flourished,
and 'too big to fail' financial giants were permitted to engage in
activities that put our nation's economy at risk. And as it responds to
the crisis it helped to usher in, the Federal Reserve under Chairman
Bernanke's leadership continues to resist appropriate efforts to review
that response, how taxpayers' money was being used, and whether it
acted appropriately. When the full Senate considers his nomination, I
will vote against another term for Chairman Bernanke."
Bernanke's term as chairman expires on January 31, and as of now,
Senate Democratic leadership isn't sure if they have the votes to get
him back into that post. Opposition to his confirmation has been driven
by a strange-bedfellows coalition of progressives and movement
conservatives -- most of whom blame Bernanke for missing the looming
financial crisis or are highly skeptical of the Fed.