Is Ben Bernanke a sure thing? Not so fast, says Senator Bernie Sanders of Vermont.

Several other Senators are looking to showboat the reappointment hearings to push for auditing of the Fed or other such issues.

This raises an interesting question: Is the Fed Cheif’s reappointment a lock? Will Ben get the nod?

~~~
What say ye?

Category: Markets

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

33 Responses to “Open Thread: Is the Fed Chair’s Reappointment at Risk?”

  1. Hal says:

    anybody opposing is probably setting up to see what WH will pay up for votes. That is the DC way, right?

  2. hotei13 says:

    not if i can help it…..here is what i sent my senators:

    “hello,

    i urge you to vote against the confirmation of ben bernanke.

    i am rapidly losing my faith in this whole process and if he is confirmed (despite the rasmussen poll showing he only has 21% support of the public)…i would have to come to the conclusion that we no longer have a representative form of government. god help us all if too many americans come to the same conclusion.

    respectfully,

    ……..

  3. wally says:

    “i” before “e” except after “c”.

    I think this issue may sneak up on a number of politicians; if Bernanke can be painted as one of the roots of the pro-Wall Street favoritism policy, he is in trouble.

  4. TakBak04 says:

    I’d say that Bernie Sanders is the “Real Deal.” But, he doesn’t have much support for his views. So…given that Congress is mostly “Smoke & Mirrors” and “Lobbyists dues in their pockets,” it would mean that Bernanke will be given a good “work over” by the bloviating Senate or House Finance Panels and after he’s been made to sweat a bit and the folks who watch C-Span get their fill…he will be confirmed.

    It’s Theater. Sad to say… but having watched and participated in threads following those Senate and House Hearings on any number of big issues since 1999….it always ends up the same. Bloviating followed by Capitulation to whatever appointment or re-appointment the Lobbyists are pushing.

    Gotten “fired up” too many times when I was younger and a believer. Now I’m hardened and cynical…or wise and informed. :D

  5. call me ahab says:

    well- i have been posting about this all night- anyway here is some Yahoo news on it-

    http://finance.yahoo.com/news/Senator-moves-to-block-apf-1472558191.html?x=0&sec=topStories&pos=main&asset=&ccode=

    Please call your Senators- here is a link to the Senators on the Senate Banking Committee-

    http://www.nakedcapitalism.com/2009/11/tell-your-senator-no-on-bernanke.html

  6. DL says:

    Reappointment of Bernanke is a “slam dunk”.

    However, there will be some grandstanding by many of the Senators.

  7. John Clarke says:

    I agree with DL. Some emmy award winning theatrics by a few congresspersons possibly but Reappointment is a given. Does anyone think the forces of the Banking Lobby, WallStreet Cheats, the Obama economic team, and most members of Congress watching their 401K’s rocket skywards from Helicopter Bens QE programs are going to let Lil’ Ben be denied?
    Not going to happen.

  8. franklin411 says:

    Bernanke should not be confirmed. It’s Mr. Bernanke’s fault that we avoided the Great Depression II. Now, think of all the great movies that came out of the Depression era: Mr. Smith Goes to Washington, Gone With the Wind, the Grapes of Wrath, the Wizard of Oz…The list goes on. Since we didn’t have a Depression, we’ll never get to enjoy a second golden era of Hollywood films. Mr. Bernanke is to blame for this, and he should not be confirmed.

  9. Winston Munn says:

    I’ve reached a point where it actually feels a little insulting to be asked what I believe should happen. It no longer matters what We the People want, need, or expect; the only thing that matters is what Me the Lobbyist has paid for.

    Bank Lobby=Ben Bernanke.

    Don’t even try to kid us that We the People have a meaningful voice – our complaints have been relegated to the comments sections of the blogosphere, while our votes are tallied by television networks who will tell us – during a commercial break for American Idol – who we elected and by how much.

  10. franklin420d says:

    Whooaaaa Little bro, Bearnakedie, should have a bobble head doll made in his likeness for save our skins from finacial disaster. But even though there might not be any new movies made for him, we can sit on ma’s pourch and smoke a bowl in his honor.

  11. Adult Franklin411 says:

    Younger self: you’ve never seen any of those Depression era movies so shut up. You’re embarrassing us/yourself.

  12. Adult Franklin411 says:

    Breaking:

    Bernie Sanders puts official hold on Senate floor vote on Ben Bernanke’s 2nd term as Federal Reserve chairman.
    http://money.cnn.com/2009/12/02/news/economy/Sanders_Bernanke_confirmation_hold/index.htm

  13. JD says:

    Bernanke should share a prison cell with Madoff. And Greenspan. Which is the bigger Ponzi scheme? Madoff, or the U.S. “dollar”?

    It’s funny how the Fed is always “fighting inflation”. And how Ben supposedly prevented the 2nd Great Depression (the last chapter is not yet written, Ben). Never any mention of how the Fed might have caused the tech and housing bubbles. Or the current equity bubble. Spin at its best.

    Fuck the Fed.

  14. dsawy says:

    Let’s assume (for the sake of discussion) that “we the people” win a really rare one and Bernanke is not re-confirmed.

    What happens to the dollar, the Treasury market, etc? The Powers That Be think they have the system rigged so completely that the possibility of Bernanke being canned isn’t worth worrying about. That would include other central bankers, the IMF, trade partners, etc. They all think they’ve got this one in the can.

    I’d love to see Bernanke get canned, but I also know there will be consequences for this happening.

  15. xynz says:

    I don’t know what franklin4xx has been smoking, but it sure has been affecting his long term memory.

    Helicopter Ben’s policies were responsible for the crisis in the first place. His remedy for the burst bubble is to keep printing up more and more dollars, so that a new bubble can inflate.

    That’s been pretty much the Greenspan-Bernanke plan: keep blowing bubbles. There is a problem with such an extended and well disguised Ponzi scheme. At some point, there won’t be any more suckers left to buy into it.

  16. Mikey says:

    It is a waiting game of *when* Wall Street announces its bonuses. If record Wall Street bonuses are announced *before* his hearing, then Bernanke will be made into a scapegoat–and he will be toast.

  17. constantnormal says:

    Let’s take the case of Bernanke being rejected — what would that imply?

    It seems to me that it would imply a Congress concerned about pinning the blame on someone other than themselves or their lobbyist friends.

    Perhaps he could be rejected.

    OTOH, after witnessing the shameful spectacle of senators and representatives ignoring a firestorm of public outrage over the TARP bill to pass it and hand the keys to the kingdom to Hank Paulson, without a concern of their responsibilities under the Constitution, or what the voters obviously demanded, I have no confidence whatsoever in the Congress ever doing the right thing.

    I won’t even waste and email encouraging them to vote Bernanke out. But I WILL vote to throw out incumbents in every primary and election for the rest of my days. If everyone did that, in the fullness of time (say a decade or two), the Congress might wake up to the fact that there are voters out there watching.

    But the sheeple are too caught up in their hate-the-other party passions to realize that both parties are merely two sides of the same coin, a political duopoly that uses polarization to control the voters and keep them coming back to the Republicans and Democrats forever. In the eyes of the parties, it really doesn’t matter which of them wins, as the other will get a turn in a cycle or two. The parties have learned that sharing power serially works better for them than cooperating to run the nation.

    People need to learn that whether you vote for a Republican or a Democrat, that is the real throwing away of your vote.

  18. bergsten says:

    Ye say, death to huge fonts!

  19. bergsten says:

    Hey, how come my font isn’t huge?

  20. HarryWanger says:

    Sounds like Taleb is going into hibernation if Bernanke gets re-appointed. He’s a smart dude – kind of scary when he makes a stand like that.

    This posted at Andy’s:

    I get the feeling of an aging starlet with more plastic surgery….works for a while but then you just look horrible. We’re in the plastic surgery phase for the markets.

    As I said, I have a huge retail show on Friday & Sat. I can do direct comps with the past 9 years for this event. Also, had dinner with some very educated but struggling folks – people who “know nothing about the economy” – and are freaked out. Something wicked this way comes and it seems the illusion isn’t tricking the “common man” now.

    Stay tuned.

    ****Mannwich, maybe Broder’s tomorrow. If I go, I’ll let you know. Please stop in if you are able, it would be nice to meet.

  21. ReductiMat says:

    Barry, close those end tags. The font size after this post are about four feet tall on my 30″ monitor.

  22. Mike in Nola says:

    He oughta go, but the banking lobby is too strong. The sheeple will find out over the next couple of years why he should have been dumpled as the Republicans take over Congress. But then it will be too late.

    Please fix the font!!!!

  23. Mike in Nola says:

    let’s try this

  24. gloppie says:

    I’d love to see the slam dung confirmation hearing derailed, and the markets go in a tailspin, then chaos and maybe war. DJIA3600 ! ! raaarrararara

    @ConstantNormal: “The parties have learned that sharing power serially works better for them than cooperating to run the nation.”
    That is very acute.

  25. Moss says:

    He will definitely take some body shots, but in the end the corpocracy, led by the Wall Street banksters will win out. It would be a huge turn of events if he went down. Putting the hold on him may give his detractors time to mount a more organized coup. Call your Senator, he needs to go.

  26. ACS says:

    Very simple. Next year is an election year so if enough people raise hell over the issue with their Congresscritters he can be defeated. Otherwise it a done deal.

  27. blueoysterjoe says:

    He’s a lock, but he is going to get really beat up.

    Whatever you may think of the populist anger out there, it is out there, and it is bi-partisan. Bernanke is going to pay for the public’s perception that Obama is in bed with Wall Street.

  28. wally says:

    “…the public’s perception that Obama is in bed with Wall Street.”

    Is he the one whose wife chased him with the golf club, or is that the other one?

  29. Adult Franklin411 says:

    “Your Fed has become The Creature from Jekyll Island.”
    -Sen. Jim Bunning

  30. file this under the circuses section of Bread and Circuses inc.

  31. fusionbaby says:

    Representative government in USA is history.
    Our leaders and legislators are degraded, psychotic liars and criminals who have sold out to $$ and power.
    A people’s revolution (or evolution) is our only hope, per Tom Jefferson, to restore liberty and the USA.
    BIG BUSINESS + Government = Fascism. (That was Mussolini’s definition… he oughta know.)
    We are not going into Socialism people, that is Egalitarianism. We are going into Fascism, that is being controlled by an elite power group (Plutocracy, Corpocracy, Kleptocracy, or whatever you want to call it.)
    If Americans remain apathetic and do not become pro-active, BIG BIZ+GOV will seal their fate.
    Bernanke is IN.
    The Power Elite won’t let a little thing like the American people’s concensus stop them.

  32. bdg123 says:

    Nyet. The Bolsheviks in Washington are too beholden to corporate communism and the associated corruption that lines their pockets.

  33. JZumbrun says:

    Barry, would love to hear your thoughts on how markets would react to Bernanke’s defeat? (I’m not meaning to imply anything one way or the other, just curious what you think would be likely to happen.)