FINAL RESULTS: Reappoint Ben Shalom Bernanke?

Anonymous's picture

I voted yes because I want to see the look on his face when it all falls apart.

geopol's picture

Nolo contendere

Anonymous's picture

Vote early, vote often.

Winisk's picture

Yea.  Let this insanity run it's course so we can all say "Been there.  Done that." and then move on without further hesitation. 

saulysw's picture

The only person who has the balls to take on the job and actually possibly make a difference is Paul Volcker. If he was appointed, the world would stop and take notice, I think. The ZIRP would be under threat, and a lot of "safe assumptions" would go out the window. He's still in the Obama cirlce somewhere, perhaps a bit out of favour, as an "advisor". Chance of this happening -- not a lot.

bondman66's picture

My six year old daughter can do at least as good a job.  She thinks there's an unlimited amount of cash in bank ATMs, free for the taking with your bank card.

trav777's picture

I voted yes because of GOLD, BITCH

 

Look...we're goin down, the entire credit bubble fiat debtmoney system is...may as well just get it over with.

Hyperinflationary blowoff and WAR

snorkeler's picture

This is the most absurdly wrong thing that has ever been said on ZH.

Did you crawl out from under a stupid rock to say that?

ROTFLMAO@U

trav777's picture

Imitation is the sincerest form of flattery

Unscarred's picture

Actually, inflation is the sincerest form of flat-tery.

Anonymous's picture

I voted yea. Let's get it over with (end the Fed) as fast as possible. Ben's the man.

andrew123's picture

Marla, I was wondering why Zerohedge hasn't urged readers to contact their Senators?  Is zerohedge really agnostic on this?  Are you waiting to see how the poll goes?  Is it a lost cause and waste of time?  Zerohedge circulated a petition not to raise the Federal debt ceiling.  Is the reappointment of Bernanke really less important?

Anonymous's picture

interesting poll, as it suggests the average troll count on these boards - 9-10%.

laughing_swordfish's picture

I voted "No" for the sake of intellectual honesty,integrity and consistency (mine).

But in the LR it doesn't matter - BB or no BB, whoever's in that chair will continue to receive his orders from a certain Corner Suite at 85 Broad.

And Lord Blankfiend ( I mean Jabba The Hutt in a pinstripe suit) will still call all the shots, Ben or No Ben.

Don't just "End The Fed" .... end "Goniff Sacks" as well.

Mindtrek's picture

Ok. Give me a hint. We've had a Repub admin and a Dem admin both doing the same thing. We've had a financial system doing different versions of the same thing for decades.  Get rid of Bernanke if you want, but how exactly does that fix the problem?

George

Anonymous's picture

I don't support Bernanke's reappointment, but I do believe he did a good job. Of course, his job is to jerk as much money out of the government as possible and give to the banks, no strings attached. By that standard he rocks!

This is why the Fed exists: to socialize losses and keep profits private. They also grant the banks licenses to print money (literally). and eliminate those pesky regulations. Reserve requirements are SOOOOO annoying! And of course, the market will regulate fraud, so no point wasting money enforcing the puny regulations that remain.

The real problem here is not that Bernanke did a bad job, he did too good a job. He revealed for all to see what a complete disaster the Fed really is. Banks write as many loans as they want, if they get in trouble they get money from the Fed. Far from being in charge of the economy, the Fed is a janitor that cleans up behind the gluttonous elephants we call banks.

In a credit crisis the Fed is powerless to stimulate the economy because the banks can't lend and borrowers can't handle the debt they already have. And it is the banks lending that creates 95% our money supply, not the Feds tiny base money creation. No debt = no money. To fix this the fed would have to print all the money (say $10T for a start), and they just don't have the political clout to do that.

We need to ABOLISH the Fed. It was a scam to rob taxpayers from day one. We can't afford these goons anymore.

Sancho Ponzi's picture

Paulson, Geithner and Bernanke transferred almost $1 trillion of taxpayer money to the financial institutions deemed 'too big to fail', and the banksters responded by declaring the United States uninvestable. That alone is enough for me to vote 'F No'.

assumptionblindness's picture

I voted no because his reappointment would be a sure signal to the world that America has become functionally incompetent.   Perhaps the "populist rage" that Congress is so worried about has less to do with emotions and more to do with issues of justice, fairness, and common sense.  In his fits of intellectual hubris Mr. Bernanke believed that lies, deception, and lack of transparency were the best course of action.  Congratulations, Ben.  You will soon be free to continue your destruction of the last vestages of value within our economy.          

JR's picture

It’s one chance in 100,000 that Congress won’t reappoint Bernanke.  And the reason is they would have to explain WHY.  We’re not talking here about an individual, i.e., Ben Bernanke; we’re talking about the Federal Reserve System.

Is Congress going to repudiate the Federal Reserve System?  No, it’s not.

The question is: Is the Federal Reserve going to reappoint Congress?  Who owns whom?  Congress is just a toothless dog; the Fed's the master.

Any Congressman who gets up and rails and howls about how bad it is and how Bernanke’s got to go, should be blasted out of his seat if he then turns around and votes for Bernanke.  Give the people a break from these congressmen who are using this chance to criticize Bernanke and then will vote for him.  If they’re going to vote for him, they should shut up.  We don’t need worthless opinions.

D.O.D.'s picture

Urban Legend has it B.S. Bernanke's true passion is Soccer (Football/whatev.), but he was so terrible at it, that he decided to go into finances instead... but at last some clips of his performance on the pitch have surfaced...

http://www.youtube.com/watch?v=Z3Kb6W--V0Q

Unscarred's picture

I voted "Nay," but I really wonder if it even matters at this point.

Going further, would we be better off with Larry Summers as Fed Chief?  Does anyone have HOPE that Obama would appoint someone else that would (or could) do a better job?  What am I saying, Ben was the one who inflated the bubble in the first place:

 

December 9, 2003 FOMC transcript excerpt:

http://online.wsj.com/article/SB124571683373339299.html

Editor's note: The Federal Reserve recently released the transcripts of the 2003 meetings of its Federal Open Market Committee, which determines monetary policy. The following are the remarks at the Dec. 9, 2003 meeting by Ben Bernanke, then a Fed governor who succeeded Alan Greenspan as chairman in 2006. A related editorial appears nearby.

Thank you, Mr. Chairman. The economic news since our last meeting has been heartening. The odds that we have begun a strong and sustainable expansion have risen significantly. Because of the rise in growth, we're going to see even more op-ed articles, wire stories, and editorials opining that the Fed needs to tighten soon to avoid a repeat of 1980s-style inflation. The Wall Street Journal today has an editorial along those lines.

 

I believe these critics are not particularly well informed and that, as a Committee, we should continue to remain patient and not choke off growth unnecessarily. In particular, though of course we have to be vigilant to detect any change in the inflation trend, the odds of inflation rising significantly any time soon from its current very low level seem small.

December 9, 2003 WSJ Editorial:

http://online.wsj.com/article/SB124571726165339157.html

June 24, 2009 WSJ Editorial:

http://online.wsj.com/article/SB124572415681540109.html

 

Misdiagnosed Inflation, Bitches.

geopol's picture

Bulletin: Off Point somewhat, but, Goldman Sachs executives buy loads of guns to protect themselves against public uprising..

 

Bloomberg:

http://www.bloomberg.com/apps/news?pid=20601039&sid=ahD2WoDAL9h0

 

Anonymous's picture

It's never off-point to nail a Goldman Sucks employee, particularly the likes of Lord Blankfein.

However much they arm themselves, one hopes that they actually get the opportunity to defend themselves. That should be a real hoot.

Careless Whisper's picture

What is interesting is that NO ONE in Manhattan gets a pistol permit unless the Mayor himself makes a phone call. So once again GoniffSachs gets special treatment. Last month it was the flu vaccine hijacked away from NY hospitals, now it's gun permits.  

Shameful's picture

Hell I want him gone!  Sure I know his replacement (Larry Summers) will be worse but I'm willing to ride the snake to see him gone.  It's really a moot point because no mater who the is running the Fed it will loot and rob us with all it's power.  Well unless they get somone in there like a Jim Rogers, where even if he did screw me he is a folksy and fun character.

stoverny's picture

"I absolutely will not vote for Mr. Bernanke," the Vermont senator said on ABC's "This Week." "He's part of the problem. If he's the smartest guy in the world, why didn't he do anything to prevent us from sinking into this disaster that Wall Street caused and which he was a part of? No, I will not vote for Bernanke to stay on as chairman."

Anonymous's picture

I voted nay in spite of my massively long metals and miners positions. Because it's the right thing to state the best course, and since it is unlikely to come to pass, it is also right to take the other side of the Bernanke trade.

andrew123's picture

The following links were originally posted on Nanked Capitalism.  If everyone who voted no bothered to call their Senator, we might make a difference.

Be certain to concentrate your calls and e-mail messages on the members of the Senate Banking Committee, who are:

Christopher J. Dodd Chairman (D-CT)

Tim Johnson (D-SD)

Jack Reed (D-RI)

Charles E. Schumer (D-NY)

Evan Bayh (D-IN)

Robert Menendez (D-NJ)

Daniel K. Akaka (D-HI)

Sherrod Brown (D-OH)

Jon Tester (D-MT)

Herb Kohl (D-WI)

Mark Warner (D-VA)

Jeff Merkley (D-OR)

Michael Bennet (D-CO)

Richard C. Shelby Ranking Member (R-AL)

Robert F. Bennett (R-UT)

Jim Bunning (R-KY)

Mike Crapo (R-ID)

Bob Corker (R-TN)

Jim DeMint (R-SC)

David Vitter (R-LA)

Mike Johanns (R-NE)

Kay Bailey Hutchison (R-TX)

Judd Gregg (R-NH)

 

Doctor Gonzo's picture

Tempted to reply in the affirmative as gold has appreciated 110.9% since his appointment, but went with Nay...for the children

WmWallace's picture

Class Actions Against the Private Federal Reserve Bank There is widespread belief that the Federal Reserve, Treasury, PPT and PPIP companies and other government entities have directly and indirectly intervened in the stock market and futures to inflate the values. If so, through market manipulation they have caused investors in short etf’s and Put positions to suffer economic loss of $500 Billion to $1 trillion. We need a class action suit.

D.O.D.'s picture

That is absolutely my intentions.  Bidding my time, don't care if I lose money, I will add it to the bill...And the book will be a best seller....cha ching....

Anonymous's picture

Its easy to say we should kick him out.

But who on earth should replace him?

That's the real question.

andrew123's picture

Senators Gregg and Johanns just stated tat they were going to vote to reappoint Bernanke.  I guess the hearings don't really matter.

Selah's picture

Let Bernanke finish the job that he started...

I didn't buy all this Gold and Silver and Ammo just to have someone swoop in and correct his stupidity, thereby rendering my investments worthless.

 

andrew123's picture

I have called my Senators to urge them to vote no, but I have been told by both staff members I spoke to that mine was the only call.  The apathy of the American people is disgusting.

Anonymous's picture

Dear Tyler, Marla & the whole ZH Crew,

Could you find a way to get Currency Wars by Song Hongbing translated to English? Maybe we can crowdsource it using the Facebook APi or something...maybe there is a better way?

http://en.wikipedia.org/wiki/Currency_Wars

ghostfaceinvestah's picture

that would be awesome, I have been looking for an English translation of that book for a while, with no success.

Kinda funny a best seller in China called "Currency Wars" was never translated into English...

Careless Whisper's picture

looks like an interesting book.

we're in bizarro world when we are importing economic books from china.

Hephasteus's picture

That's the thing. So few people get to have any real experience with the top level of the economy. We are basically working on the analysis and witnessing of a few people.

Anonymous's picture

You need to add a third choice... "Hell No."

Anonymous's picture

I voted yes - for one reason:
The Devil you know.

We have no idea who would replace him. The replacement could be worse. Someone who actually believes we can print unlimited funds, hand them out on street corners, and just make people automatically rich.

Ben isn't far from doing that, given his free money to already rich friends. But the next guy....could be....

KRUGMAN!

Anonymous's picture

Wonder if ben and Lloyd were roomies at HU?

Education

... Bernanke spent his undergraduate years at Harvard University where he lived in Winthrop House and graduated with a B.A. in economics summa cum laude in 1975. He received his Ph.D. in economics from the Massachusetts Institute of Technology in 1979. His thesis was named "Long-term commitments, dynamic optimization, and the business cycle" and his thesis adviser was Stanley Fischer.[15]

Contemporaries at Harvard University

A notable contemporary at Harvard University was Lloyd Blankfein (A.B. 1975, also Winthrop House), Chairman & CEO at Goldman Sachs.

ghostfaceinvestah's picture

Excuse my language, but fuck me!  I didn't realize that.  These fuckers would have definitely known each other in undergrad.  OMFG.

http://en.wikipedia.org/wiki/Ben_Bernanke#Education

Ned Zeppelin's picture

I'd like to qualify my no vote by pointing out the same thing I said to my senators: no to Bernanke, but if you are thinking Lawrence Summers as his replacement, keep Bernanke.  Ben is the figurehead for a set of hidden policies and agendas that he does not control at all, and thus, if he is swapped out, another figurehead equally beholden to the status quo will be substituted.  Put another way, what if your choice is to fire Bernanke, but lose the vote on Audit the Fed? I'll keep Bernanke all day.  Be careful what you wish for.

Anonymous's picture

Oh please let it be so! I really want to see how he gets out of the current mess. Everyday it gets more interesting!

mdtrader's picture

Good for the gold price, so let's keep him in.

Careless Whisper's picture

Mr. Bernanke seems to know only two amounts: zero and trillions.

I think that quote from Anna Schwartz in her op-ed piece "Man Without A Plan" sums it up pretty good.

http://www.nytimes.com/2009/07/26/opinion/26schwartz.html

Heroic Couplet's picture

Question I have: re-appointment should be conditional and time-limited pre and post Auditing the Fed and Ending It (common sense to tie together).

The United States job loss was planned and deliberate. Twitmonkey Alan Greenspan and George W Bush's dimwit US Labor Secretary, Elaine Chao, both chirped "health sciences" as the only jobs left in the US.  There was one day when, in the CNNFN web site, between 2001-2003, Greenspan was quoted as saying offshoring will be a disaster for the American middle class.  I didn't make a screen capture of that quote.  However, Greenspan chirping about "health sciences" jobs in the US can be found in one of his books.

 

The United States was founded by Washington and other men who abhorred a monarchy and royal rulers.  If the private bank cartel want to "rule and reign" they need to be kicked off the North American continent.

 

Rollerball's picture

It's moot.  All Keynesians are the same.  What's the alternative, Lawrence "Of Academia" Summers?