A very interesting poll from Rasmussen:
Ben Bernanke begins the formal process tomorrow for confirmation to a second term as chairman of the Federal Reserve Board, but 41% of Americans think President Obama should name someone new to the post.
A new Rasmussen Reports national telephone survey finds that only 21% of adults believe the president should reappoint Bernanke to another four-year term. But a sizable 39% aren’t sure what the president should do.
In July, Americans were more closely divided over Bernanke’s reappointment: 26% thought it was a good idea, while 33% felt the president should name someone new. Even then, however, 41% were undecided.
(…)
Bernanke’s favorables continue to fall. Only 21% have at least a somewhat favorable view of the Fed chairman now, while 38% regard him unfavorably. His critics feel more strongly since 15% have a very unfavorable opinion of Bernanke, compared to three percent (3%) with a very favorable view. Forty percent (40%) don’t know enough about him to even venture a soft opinion, though.
(…)
Forty-one percent (41%) say the chairman of the Federal Reserve Board has too much power over the economy, but that’s down five points from 46% in June. Only seven percent (7%) say the Fed chairman doesn’t have enough power, while 29% say his level of power over the economy is about right. Twenty-two percent (22%) aren’t sure.
Whether the Fed chairman is too powerful or not, Americans remain skeptical about the Fed’s ability to keep inflation under control and interest rates down. Only 35% are at least somewhat confident in the Fed’s ability to maintain this kind of economic control, with eight percent (8%) who are very confident.
Fifty-six percent (56%) lack that confidence, with 35% who are not very confident and 21% who are not at all confident. These views have shifted little since mid-October.
Frankly, I’m surprised by a poll like this mostly because I really didn’t think that most Americans paid enough attention to the Federal Reserve Board to have much of an opinion about it’s Chairman. Obviously, the economic crisis has increased the Fed’s visibility, and Bernanke has not exactly come across well. I doubt that this means that he’s in any real danger of not being reappointed, but if it’s an indication that the public is finally starting to wake up and pay attention to what this institution does to the economy, that’s a good thing in itself.
December 2nd, 2009 at 9:56 pm
That sounds pretty bad, until you realize that only 25% of Americans know who Ben Bernanke is.
December 3rd, 2009 at 9:46 am
“but if it’s an indication that the public is finally starting to wake up and pay attention to what this institution does to the economy, that’s a good thing in itself.”
If thats actually true, It would be great. I’ve been saying for years that people give wayt oo much blame and credit for the economy to the president, when in reality, in the short run anyway, its really the Fed that has far more control than the White House.
December 3rd, 2009 at 1:06 pm
[...] Only 21% Of Americans Favor Reappointing Fed Chairman Ben Bernanke - Below The Beltway [...]
December 3rd, 2009 at 10:00 pm
Want to know why the U.S. is still in bad shape and will get worse? This clown. And the leprechaun Geithner. Phoneys and frauds. These jokesters don’t have a clue. People with common sense can right through them. Also the stock market doesn’t jive with the rest of the economy. That’s coming from analyst all across myriad business spectrums. Great blog.
December 4th, 2009 at 10:27 am
When are people going to learn that the US dollar is the biggest derivative known to modern man? All of its value is derived from what it represents.
The idea that value can be created by manipulating the money supply is a delusional. It’s like saying water can be created by installing pipe. Money is merely the conduit for the economic system.
We need a reliable set of pipes for a steady, predictable flow. But we don’t need the bursting of water mains or the clogging of pipes that attends manipulation of the money supply and interest rates in a misguided effort to control the economy.
December 4th, 2009 at 1:35 pm
You’re right to be skeptical about the meaning of this poll. In my life-long experience, I’d guess that fewer than 0ne in a hundred people know what the Fed or its chairman do — and that includes a whole lot of college graduates.
Support or opposition to Bernanke rests mainly on a sense of wanting to hold someone — anyone, everyone — accountable for the financial panic and recession. Even if the facts were that Bernanke had personally saved the whole ball game, the nature of his position would make him suspect.
Same reason for voter enthusiasm to throw out the in team, as we saw last year — and might very well see again in 2010.