Wikinvest Wire

Shelby to vote "no" on Bernanke

Thursday, December 17, 2009

The Senate Banking Committee is meeting again this morning to vote on the confirmation of Fed chief Ben Bernanke for another term at the helm of the central bank. It doesn't look as though co-chair Senator Richard Shelby (R-Alabama) is going to cast a "yes" vote after reading two lengthy quotes from Anna Schwartz.

Here's the second one:

Chairman Bernanke advocated monetary policy that contributed to excessive risk taking, ignored or downplayed serious emerging risk, failed to use regulatory authority available to the Fed to prevent housing speculation and unsound lending practices, often misjudged the nature of problems in the market, and contributed to market turbulence by appearing to act inconsistently without plans, and, of course, in an ad hoc manner.
I can't wait to hear what Senator Jim Bunning (R-KY) has to say.

Stay tuned...

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Tim said...

Bunning quoted a financial blogger (don't know who, but I wish I'd written it) who likened Bernanke's accomplishment to getting everyone off of the Titanic after they hit the iceberg.

More in a little while...

Anonymous said...

Yeah, but now he is steering the life boats to toward the same iceberg. What a nightmare.

Bring back Paul Volker. He is the only one that makes any sense.

tech98 said...

At the time, of course, Shelby was supporting the easy-money results of Bernanke's actions and proclaiming the wonders of the Bush economy as proof of Republican superiority.
It's revolting to see the pigs who happily wallowed in the mud with no though for the long-term damage, now scolding others for their dirtiness.

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