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.