Two Democratic senators who are up for re-election this year announced that they would oppose Mr. Bernanke, whose four-year term as head of the central bank expires at the end of this month. Their decisions reflected a surge of opposition among some Democrats and Republicans to Mr. Bernanke, a primary architect of the bailout of the financial system and a contributor to policies that critics contend put the economy at risk in the first place.The fact is this is the same guy who, on the one hand designed and approved not only the plan for TARP, but then the subsequent bonus payouts to the top executives. THEN testified he didn't know the bonus pay-outs were in there. Yeah. Right.
He was also right behind President Obama and his crew when they proposed the $787 billion American Recovery and Reinvestment Act. This fine feat of monetary wizardry was supposed to keep unemployment from going into double digits and make all the world sunshine and butterfly farts. With unemployment now at something over 10%, we see how well that's working out.
However, rejecting Bernanke might not be a boon to Republicans either. At this point the minority may be in a dammed if you do, dammed if you don't situation.
While some Republicans were certain to oppose Mr. Bernanke, the minority leadership had its own strategic calculations to make.The best candidate would actually understand what has happened to the economy and have a real plan in place to guide this Administration in fixing it. Unfortunately, I remain unconvinced Bernanke is our guy. If the parties truly want to understand the anger toward government, Wall Street and other institutions they might want to start by not continuing the failed policies of this Administration.
Rejecting Mr. Bernanke, a Republican economist who was named chairman by President George W. Bush in 2005 and took over in 2006, could lead Mr. Obama to appoint someone from the ranks of Democratic economists that Republican lawmakers find less appealing. And if markets swooned, Republicans would share in the blame.
But even if the nomination is approved, the spasm of anxiety surrounding it will have highlighted how members of both parties are reassessing their stands on many issues as they try to understand the strain of anger toward the government, Wall Street and other institutions.
The American people were told our money must be spent in order to save companies too big to fail. Those same companies were allowed to pay out huge bonuses and make extravagant budget decisions; the people got a little annoyed. The fact is Government made the American people mad at Wall Street and Big Business. They demonized them with one hand, while stroking their collective backs with the other. Government seems to be great at making those it wishes to control into the bad guys.
They created, then fed the anger of the American people. The fact that they still don't understand that is very telling.......