I thought the readers of ZeroHedge would like to see excerpts from the note we put out for clients of the IRA Advisory Service earlier today. Despite the confidence of Treasury Secretary Tim Geither, who is well known for his keen political instincts, the Bernanke nomination is far from a done deal.
"As of this morning, our contacts in the GOP leadership say that the White House is just shy of 50 votes in favor of the reappointment of Fed Chairman Ben Bernanke. The positive media headlines on this count are being driven by a relentless, all weekend long push by the White House, including personal telephone calls from President Obama."
"There are still at least 10 more votes to be won before Bernanke’s nomination is ready for floor action and, even then, our sources in the Democratic leadership say that they do not want to bring the matter to the floor unless there are a couple of extra votes in the back pocket in case Senators who have indicated support for the nomination change their minds."
"The White House spin in the media today is “overly optimistic” according to our GOP sources, who say that one more public revelation regarding the Fed or Bernanke himself could kill the nomination."
"The poll numbers regarding Bernanke are “dreadful,” to quote one 20-year veteran of the Democratic leadership and the big concern by the Democrats remains another revolt by members of the left wing of the Democratic Party."
"We remain very cautious regarding the “Bernanke will be approved” drumbeat because the Obama White House has shown itself to be particularly incompetent when it comes to counting votes on Capitol Hill. Counting money, of course, is another matter."