Federal Reserve Chair, Ben Bernanke, faces more opposition to confirmation for his second term.
From McClatchy Newspapers: "Federal Reserve Board Chairman Ben Bernanke's prospects for a second
term became shakier Friday as two Senate Democrats, furious at his
stewardship during the nation's economic crisis, said they'd oppose
him.
"Both President Barack Obama and Senate Majority Leader Harry Reid
renewed their support for Bernanke on Friday, but his performance since
becoming chairman in early 2006 has become a rallying point for some
lawmakers being bombarded by constituents frustrated about the
economy's sluggish pace of recovery.
"Reid's endorsement of Bernanke in a statement late Friday reflected the
difficult politics of the confirmation, especially for senators who,
like Reid, a Nevada Democrat, face uncertain re-election prospects.
"Sen. Barbara Boxer, D-Calif., was among those who said she'd oppose a second term for Bernanke.
" 'It is time for a change,' she said. '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.' "
"Also coming out against Bernanke Friday was Sen. Russ Feingold, D-Wis.
" '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,' " he said.
In a press release, Sen. Bernie Sanders (I-Vt.) said today "he senses growing opposition to a second term for Federal Reserve Chairman Ben Bernanke.
“ 'I sense that many Democrats see the Massachusetts election as a
wake-up call,' Sanders said. 'There is a growing understanding that our
economy is in severe distress, a greater appreciation that people are
disgusted with the never-ending greed on Wall Street, and a better
recognition that we need a new direction at the Fed.
“ 'People do not want another term for the man whose major job as Fed
chairman was to protect the safety and soundness of our financial
system but instead was asleep at the switch,' he added. 'I am
confident that more and more senators understand that we need a new Fed
and a new Wall Street and will oppose Bernanke’s confirmation. ' ”
Since
I and other progressives have indicated, for quite some time , our
opposition to keeping Bernanke at the Fed here are questions some
elected Democrats in Washington need to answer:
President Obama, a real Democratic president who understood the
gravity of the economic meltdown and Bernanke's disastrous failure by
omission and commission during this financial crisis would not
re-nominate him to the Federal Reserve chair. Why did you and how could
you?
Only Democratic Senator Jeff Merkley on the Senate Banking
Committee voted against Bernanke. Why did Democratic senators Dodd,
Johnson, Reed, Schumer, Bayh, Menendez, Akaka, Brown, Tester, Kohl,
Warner, and Bennet all vote for Bernanke who was part of the economic
disaster problem?
Some of you are known certified DINOs but what about the rest?
Going
along to get along....supporting Wall Street, not Main Street. It's
disgusting. None of you can call himself a real Democrat.