Wikinvest Wire

Is the Bernanke confirmation in doubt?

Friday, January 22, 2010

More fallout from the election in Massachusetts the other day comes in the form of new doubts about whether Fed chief Ben Bernanke will be confirmed for another term.

From ABCNews comes this story from late last night:

Amidst the voter anger at Wall Street and Washington, D.C., ABC News has learned that the Senate Democratic leadership isn't sure there are enough votes to re-confirm Ben Bernanke for another term as chairman of the Federal Reserve.

Bernanke's term expires on Jan. 31.
Roll Call reported this week that at the Senate Democratic caucus meeting on Wednesday, "according to senators, liberals spoke out against confirming Bernanke for a second term. Those liberals tried to make the case that the White House needs to put in place fresh economic advisers to focus on 'Main Street' issues like unemployment rather than Wall Street concerns. Moderates were more reserved, senators said, but have similarly withheld their support for Bernanke."
There's more in this report over at the Huffington Post. Fed Vice Chairman Donald Kohn would be well-advised to brush up on whatever it is that he might need brushing up on to perform some of Bernanke's duties since the clock is now ticking down - just nine days to go.

Bookmark and Share


Anonymous said...

With this administration his replacement could be far, far worse. If he is replaced expect someone who is even more accomodating to cheap money policies and a time frame based solely on election cycles.

Anonymous said...

Put Paul Volker back in. He is the only one who wants a stable dollar. Everyone else wants to slowly inflate away the Baby Boom's pensions/savings.

Stop printing. Let CPI prices drop at the rate of productivity gains. Let the free market determine interest rates. Central planning does not work.

Anonymous said...

Again with the Paul Volcker. Richard Nixon tool, the guy who scrapped Bretton Woods, banking industry and Fed lobbyist, and willing stooge for Obama will restore a stable economy. Right.

  © Blogger template Newspaper by 2008

Back to TOP