How Woodenheaded Can You Be? Obama and Reid Still Support Bernanke Ignoring the Anger of American Voters

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.

 

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