Well, this is interesting:
Sen. Bernie Sanders (I-Vt.) said Wednesday he will put a hold on the nomination of Federal Reserve Chairman Ben S. Bernanke for a second term, a step that could push the confirmation into next year but would be unlikely to torpedo it.
While Sanders is one of only a few senators who have openly objected to Bernanke’s nomination, the hold reflects the deepening fault lines on Capitol Hill over the Fed’s performance.
“Clearly this guy is part of the problem,” Sanders said in an interview, adding that Bernanke shares blame for the federal bailout of Wall Street and the deep recession. “I hope the president will give us a new nominee.”
Sanders’ action means that Senate Majority Leader Harry Reid (D-Nev.) will have to win the assent of 60 senators before a final vote can be taken on the nomination. Typically, only 51 votes are needed to confirm a nominee.
Yes, that’s right, I’m giving a thumbs up to a socialist, because he’s right on this one.
Agreed. I watched him on the Senate floor while TARP was being pushed. He’s the only one that pointed out that Paulson was the former CEO of Goldman Sachs, and that Goldman Sachs stood to gain a lot of money from the legislation.
Only issue is if he derails his appointment, who is waiting in the wings?
Not to worry Vern. Larry Summers!
LBF that’s exactly what worries me……
It’d be nice if ‘ol Bernie would take the next step and question the validity of the Fed itself.
The only problem is, he will want someone more Keynesian in their approach to replace Bernanke.
There is a chance, albeit a small chance, that Bernnake realizes that the Fed’s job is to manage the money supply neutrally to track normal economic growth and allow interest rates to find market equilibrium levels, once the employment picture improves. There is no chance whatsoever anyone else that Obama might nominate would be so constrained. If it’s not Bernanke, you’re not gonna get a believer in the gold standard or a Milton Friedman disciple nominated by the nuanaced one. So Bernanke gets my tepid endorsement.
FYI – Senator Bunning (R) of Kentucky has also announced his opposition to the confirmation of Bernard Bernanke.
His comments are blistering:
http://www.youtube.com/watch?v=FvgdX58Ii7c
Also, Senator DeMint (R) has placed a hold on Bernanke’s nomination:
http://thehill.com/blogs/blog-briefing-room/news/70541-demint-to-place-hold-on-bernanke