Bernanke, Most Voted Against Ever, Wins

On January 29, 2010, in Current Leadership, by Tiffiniy Cheng

We started our campaign against the Bernanke confirmation with no real support. In the end, and thanks to Bernie Sanders and most of all, to all of you, he was confirmed with the MOST VOTES AGAINST A FED CHAIRMAN EVER. He needed 50 votes to pass reconfirmation, he got 70 and 30 people voted no. We had over 3,700 signatures.

This is the roll call: 28 Republicans, 11 Democrats, and 1 Independent voted against Bernanke. What’s up with the Democrats — what are they trying to do? They’re helping to put more holes into a sinking ship.

Do you think our ANWF members would appreciate a message about this? Would like to know your thoughts.

Simon Johnson nails the problem:

Some on Wall Street, of course, would disagree – arguing that the financial sector growth he fostered is not completely illusory, that we have indeed reached a new economic paradigm due to the Greenspan tonic of deregulation, neglect, and refusal to enforce the law. Prove the ill-effects, they cry.

What part of 8 million net jobs lost since December 2007 do you still not understand?

Reappointing Ben Bernanke solves none of our problems. In fact, given his stated intensions, a Bernanke reappointment implies larger bailouts in the future – thus compromising our budget further with contingent liabilities, i.e., huge payments that we’ll have to make next time there is a crisis. What kind of fiscal responsibility strategy is this?

Rather than messing about with a meaningless (or damaging) freeze for part of discretionary spending, the White House should fix the financial system that – with too big to fail at its heart – has directly resulted in doubling our net government debt to GDP ratio from 40 percent (a moderate level) towards 80 percent (a high level) in a desperate attempt to ward off a Second Great Depression.

If you think we can sort out finance with Ben Bernanke at the helm, it was sensible to reappoint him. But when the time comes for members of the Senate themselves to be held accountable, do not be surprised if people point out that pushing Bernanke through – come what may – was the beginning of the end for any serious attempt at reform.

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