BREAKING: Sanders Puts Official Senate Hold on Bernanke Nomination

[natrat]

Source: Open Left

by: David Sirota
Wed Dec 02, 2009 at 18:50

Per Chris's whip count on the Bernanke nomination, this is pretty huge news from my old boss:

WASHINGTON, December 2 - Sen. Bernie Sanders (I-Vt.) today placed a hold on the nomination of Ben Bernanke for a second term as chairman of the Federal Reserve.

"The American people overwhelmingly voted last year for a change in our national priorities to put the interests of ordinary people ahead of the greed of Wall Street and the wealthy few," Sanders said. "What the American people did not bargain for was another four years for one of the key architects of the Bush economy."

Ya know, with Republicans and corporate Democrats happily using the Senate power of obstruction so much to stop progressive priorities, it's about time progressive Senators start using that same power of obstruction for progressive ends.

Go Bernie.

Read more: http://www.openleft.com/diary/16291/breaking-sanders-puts-official-senate-hold-on-bernanke-nomination

---

so many crooks, so few good guys

[Guy Whitey Corngood]

1. Well somebody has to. nt

[Demeter]

2. Well Played, Senator!

So, our own Democratic liberal has to publicly whip our Democratic President about the head and shoulders in order to beat some sense into his non-comprehending mind. Even if it's only grandstanding, thank you Mr. Sanders.

[24601]

6. He's not a Democrat. Sanders is one of two Independents n/t

[mother earth]

8. That's why he's standing up, our party won't. I'm getting

Greener all the time, Sanders is one hell of a man. BRAVO!!!

[RKP5637]

31. Yep! He's definitely one of the good guys!!!

[davidwparker]

149. +1.

It's coming down to calling myself Green or a Democratic Socialist like Bernie (and Malloy).

I can hardly make Democrat come out of my mouth anymore. I was having a conversation with someone while waiting for a Williams-Sonoma cooking demo. Both her and her husband was feeling the same way.

[Frosty cupcake]

64. Actually, Sanders is a Democratic Socialist.

For the record.

[No Elephants]

67. Maybe, but in the Senate, his official designation is Independent.

http://www.senate.gov/general/contact_information/senators_cfm.cfm

[sofa king]

138. Yes, one of the vagaries of our so-called "two-party system."

Congress is really a parliament that is so corrupted that it has institutionalized two parties and officially excluded all others. In practice, the major difference between the two parties is that one is slightly more greedy and slightly less appreciative of life, liberty, and happiness.

One could theoretically force Congress to become more of a pluralistic legislature, and as soon as it happened most of the old conventions would fall by the wayside. But pulling that off would require a deliberate dismantling attempt against one or both of the parties. Lord knows some of the rank and file of the GOP would love to split off the Nazis, bible-thumpers, and chauvinists, and they might have enough of a moderate core left to control Congress through coalitions with those assholes, without so much fallout. If the Democratic Party splits off its bleeding hearts, pinkos, and sodomites it will be left with... the Republican Party.

[h9socialist]

109. And so am I!!!

Suggest a visit to www.dsausa.org.

[tomg]

156. Same here. nt

[dotymed]

84. And, I am switching to Independent

Maybe we can field a real party of progressives and do the will of the people. Thank You Bernie. Hopefully, this will become so popular that it is not "grandstanding" and the Dems will not allow Bernanke to fuck us for another four years. President Obama, why...? We have been shown that both major parties are corporate owned and could care less if we die. It is time for people guided change....not the teabaggers either.

[fasttense]

99. How about a Democratic Socialist party? We have one elected member already. n/t

[AllyCat]

117. I'll be happy to do that.

I've never officially registered Dem, but vote for them 95% of the time. Part of why I don't is it's not really required to register a party in WI. But I also don't think I agree with them much. I agree with them more than the Republicans, but I am not a believer in much of their way of thinking. I could get behind Sanders' party though.

[and-justice-for-all]

133. SP-USA.com

[David__77]

140. Democratic socialists belong in the Democratic Party.

It's the job of progressives to capture the party and continue transforming it. It's come a long way from it's right-wing roots of a century ago. It's come a long way from the Cold War liberalism of Scoop Jackson and LBJ.

[truedelphi]

135. Guided change it is -- Pew Survey said last spring (2008)

Thirty two percent of all Americans consider themselves to be Democrats.
Twenty eight percent consider themselves to be Repugs.

And a whopping forty per cent of us are just wanting someone our indie hearts can vote with, who won't ship their kids off to war, and won't give ALL our money to Wall Street.

[davidwparker]

151. If VA had party registration, I would too.

[Dappleganger]

113. And this is why I've been a registered Independent for YEARS

and will remain as such.

[LakeSamish706]

3. Good! I hope they blow this guy out.... The first of many I hope. n/t

[24601]

4. Any predictions on market reactions tomorrow? n/t

[natrat]

13. the whole thing is so corrupt, ried will have him confirmed by christmas

but at least someone put's up a fight

[RKP5637]

5. Excellent!!! n/t

[Sebastian Doyle]

7. Yeah Bernie!

A true American patriot! :patriot:

[mascarax]

9. Look at it this way, Ben: at least you wouldn't be grilled by Grayson any more...

I am behind Bernie yet again.
Bernanke needs to go.

[truedelphi]

136. I'm pretty sure that the billiards room in Bernanke's mansion

Has a dart board with Grayson's face as the Bull's eye!

[mascarax]

158. Ha - probably true...

And once Grayson hears about your post, Bernanke better be worried!
:evilgrin:

[naaman fletcher]

10. Excellent,

Although I do think this whole business of one Senator being able to stop a nomination from coming to a vote is kind of silly. But hey, this is great news!

[nilram]

11. Here, K&R them all!

Thank you, Bernie! #1, putting a hold on Bernanke, #2, doing it PUBLICLY and not behind-the-scenes.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x7140527
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=114x73012
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x7141131
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x4168788

[aquart]

12. Beautiful Bernie.

[notesdev]

14. Sanders for President!!!!

Thank God someone in government is on our side!!

[unkachuck]

15. yeah Bernie!!!....you da man!....n/t

[sabrina 1]

16. Good for Bernie.

If we could fill Congress with more people like him, there would be some hope for this country.

http://sanders.senate.gov/newsroom/news/?id=1D3F6CBF-18FA-4799-9233-27B6F4AD7C13

Sanders on Bernanke: ‘He’s part of the problem’

The appointment is subject to Senate confirmation. Senator Bernie Sanders said he will vote no. “The middle class of America is collapsing; we have seen incredible greed, recklessness and illegal behavior on Wall Street. This guy…missed the boat on the most significant economic crisis since the Great Depression,” Sanders said Monday on “Morning Meeting” on MSNBC. “We need a whole new direction in the Fed and in our economic policies. A direction that stands up for a change, not for the rich, not for the top 1 percent, not for the giant financial institutions, but for the working class and the middle class of this country. Nobody thinks that Ben Bernanke is that person.”

Thanks Sen. Sanders for doing your job. Sad to see so few willing to take a stand for the American people.

[MannyGoldstein]

17. Unfair! Bernanke's Not The Kind Of Guy A Republican Would Appoint!

Just because he's not far enough to the left for some of you moonbats doesn't mean he's the kind of far right wing nut that, say, Bush would appoint.

[TheCML]

21. Ugh what?

Bush did appoint him. Maybe I missed the sarcasm?

[MannyGoldstein]

26. Sorry, Sometime's My Snark Is Too Dry

That was, in fact sarcastic.

[TheCML]

30. thanks for clarifying

went right over my head.

[RKP5637]

32. Glad you clarified too, I was wondering WTF? n/t

[spiritual_gunfighter]

56. Thanks for clairifying

With DU being the way it is lately, nothing surprises me anymore.

[JDPriestly]

24. Manny, you surely know this, but to avoid confusing those who

don't know what you and I know and to set the record straight for visitors to DU: Actually, Bush did appoint Bernanke. What is worse, of course, is that Bernanke is a Greenspan protoge. We need some fresh talent, some fresh ideas. Nothing against Bernanke personally, but we just need someone who can set a new course. Bernanke is not that person. We need an outsider who can go into the Fed with new ideas and a new perspective and shake things up a bit -- not too much, but enough to bring some new solutions and some better discipline. They are all too comfortable with the status quo over there. And the reigning economic philosophy failed us in the past. We need a new perspective.

Bernanke, please go while the getting is good. Same for Geithner. They should go teach at a university where students' questions will stimulate their thinking. Let them publish articles about what could be done (that no one will read) instead of do whatever they did that got us into such bad shape as a national economy.

[RKP5637]

33. Agree 100%! This stuff needs a fresh look with fresh talent! The current

system is just being propped up IMO which well might not be the "best" solution for now and the long run.

[green917]

53. It's been almost 30 years since we've had "new blood"

Every Chairman of the Federal Reserve or Treasury Secretary of the last 20+ years has worked in an executive capacity for Goldman Sachs at some point in their professional lives prior to attaining their cushy government jobs wherein they are, "ironically" in a position to greatly benefit their former employer. Could it be that the system as a whole isn't on the up and up? Naaaaaaaaaaahhhh, couldn't be!

[dotymed]

88. Why...

Does President Obama keep the same Bush thieves running our government? How obvious can you be? Really, "change" my ass. Just like most of you on here, I helped get President Obama elected and he shoves our face in shit by not even replacing the Bush appointees. If he replaced them, then it would at least appear that Obama (losing my respect) was attempting "change." Since "Raygun", they rub it in our faces (after elections) that they are perfectly happy retaining the status quo and we are shit. We have to get the money and the thieves out of the governance of our country. Maybe Bernie, Grayson, Dennis or some non-thief will push legislation that requires all elections to be publicly financed. This can be done inexpensively. A whole lot cheaper than us repaying all of the corporate contributors on a continuous cycle. I hate Bush, but at least he placated his "base." Obama led us to believe we were his "base" and he sure as hell is not attempting to help us. The thought of a Rethug majority and president is sickening, but in reality, it seems, there is no difference except the shattered hope that things will change under Democratic rule. With the rethugs, at least we don't get our hopes up. The current two parties should just merge and get it over with. I have watched and appreciated Bernie Sanders for years. He would make a great president.

[dixiegrrrrl]

154. Ditto

[txaslftist]

110. What we need to do is get rid of the federal reserve...

Or put it completely under congressional control, severely limited.

[truedelphi]

137. We need someone who will shake the Fed up a lot --

Not a likttle but a whole lot.

[wordpix]

160. Elizabeth Warren should replace either Geithner or Bernanke

and good reason to both those men

[bertman]

38. Damn, Manny. For a minute there I thought you'd lost your frickin' mind.

:evilgrin:

[dotymed]

85. Well,....

Bush did appoint him...... on edit....I did not realize you were being sarcastic. Let's elect Bernie Sanders as President. He has been around a long time and he has been consistent in his desire to help ordinary Americans. I can think of no one better qualified.

[karynnj]

95. Actually, ignoring your sarcasm, here was Paul Krugman's take at the time

By Bush administration standards, the choice of Ben Bernanke to succeed Alan Greenspan as chairman of the Federal Reserve was just weird.

For one thing, Mr. Bernanke is actually an expert in monetary policy, as opposed to, say, Arabian horses.

Beyond that, Mr. Bernanke's partisanship, if it exists, is so low-key that his co-author on a textbook didn't know he was a registered Republican. The academic work on which his professional reputation rests is apolitical. Moreover, that work is all about how the Fed can influence demand - there's not a hint in his work of support for the right-wing supply-side doctrine.

Nor is he a laissez-faire purist who believes that government governs best when it governs least. On the contrary, he's a policy activist who advocates aggressive government moves to jump-start stalled economies.

http://select.nytimes.com/2005/10/28/opinion/28krugman.html?_r=1&scp=1&sq=Krugman+Bernanke+appointment&st=nyt

Now, Bernaanke, like Krugman, was a Princeton economist, but read the entire op-ed.

[h9socialist]

111. Huh? Seems to me Bush DID appoint him!!! However . . .

. . . it was one of Bush's better appointments. Bernanke is a student of the Great Depression, and had the most developed ideas for fighting a recurrence. In all fairness, he's holding the Federal Funds Rate near zero -- it's hard to imagine a more accomodating monetary policy.

[AllyCat]

115. self-delete. Now I see your post further down.

Thanks for the clarification

[natrat]

18. press release

Release: Sanders Puts Hold on Bernanke

December 2, 2009

WASHINGTON, December 2 – Sen. Bernie Sanders (I-Vt.) today placed a hold on the nomination of Ben Bernanke for a second term as chairman of the Federal Reserve.

“The American people overwhelmingly voted last year for a change in our national priorities to put the interests of ordinary people ahead of the greed of Wall Street and the wealthy few,” Sanders said. “What the American people did not bargain for was another four years for one of the key architects of the Bush economy.”

As head of the central bank since 2006, Bernanke could have demanded that Wall Street provide adequate credit to small and medium-sized businesses to create decent-paying jobs in a productive economy, but he did not.

He could have insisted that large bailed-out banks end the usurious practice of charging interest rates of 30 percent or more on credit cards, but he did not.

He could have broken up too-big-to-fail financial institutions that took Federal Reserve assistance, but he did not.

He could have revealed which banks took more than $2 trillion in taxpayer-backed secret loans, but he did not.

“The American people want a new direction on Wall Street and at the Fed. They do not want as chairman someone who has been part of the problem and who has been responsible for many of the enormous difficulties that we are now experiencing,” Sanders said. “It’s time for a change at the Fed.”

The Federal Reserve has four main responsibilities: to conduct monetary policy in a way that leads to maximum employment and stable prices; to maintain the safety and soundness of financial institutions; to contain systemic risk in financial markets; and to protect consumers against deceptive and unfair financial products.

Since Bernanke took over as Fed chairman in 2006, unemployment has more than doubled and, today, 17.5 percent of the American workforce is either unemployed or underemployed.

Not since the Great Depression has the financial system been as unsafe, unsound, and unstable as it has been during Mr. Bernanke's tenure. More than 120 banks have failed since he became chairman.

Under Bernanke's watch, the value of risky derivatives held at our nation's top commercial banks grew from $110 trillion to more than $290 trillion, 95 percent of which are concentrated in just five financial institutions.

Bernanke failed to prevent banks from issuing deceptive and unfair financial products to consumers. Under his leadership, mortgage lenders were allowed to issue predatory loans they knew consumers could not afford to repay. This risky practice was allowed to continue long after the FBI warned in 2004 of an "epidemic" in mortgage fraud.

After the financial crisis hit, Bernanke's response was to provide trillions of dollars in virtually zero-interest loans and other taxpayer assistance to some of the largest financial institutions in the world. Adding insult to injury, Bernanke refused to tell the American people the names of the institutions that received this handout or the terms involved.

“Mr. Bernanke has failed at all four core responsibilities of the Federal Reserve,” Sanders concluded. “It’s time for him to go."

[high density]

20. Does the Fed really have the powers that Sanders wants them to assert?

I mean it sounds great to tell the too-big-to-fail banks to split up and to set their interest rates on loans at X, but as far as I can tell that is not something the Fed can tell them to do.

[quakerboy]

57. When they had their hands out for cash

The people with the cash to give them could have set the terms.

[No Elephants]

68. You can put any conditions you want on a bailout, whether the Fed does it directly or

suggests that Congress do it. You could probably do the same, via regulation or legislation, even without a bailout, but our politicians would never do that.

[pundaint]

77. The Fed has the power, Congress has the power

The power is there, what is needed is the will to use it in the interests of the American People rather that in complicity with those who prey on the American People.

The powerful bankers may bluff, but since they have manipulated a corrupt system so that they have almost all the money - if they tank the system and it collapses, their advantage will evaporate. The reality is they are now owned by any governmental or quasi governmental body that chooses to exert that ownership.

If freedom is another word for nothing left to lose, then what of those with everything?

[bertman]

40. Thanks for posting that, natrat.

[DeSwiss]

19. The Emperor will not be pleased......

- Way to go Bernie!!!

K&R

[JDPriestly]

22. Bravo! Sanders is right on this one.

[Joe Chi Minh]

134. Is he usually wrong? An honest question.

[Laelth]

23. Excellent. k&r n/t

:dem:

-Laelth

[aaronbav]

25. Bravo Bernie - or as Thom (Hartmann) always says: GOOD ON YOU!!!!!!

[Q3JR4]

27. You go Mr. Sanders!

Who ever said Democratic socialism was a bad thing?

Q3JR4.

[TheWatcher]

28. Curiously, the few worshipers and apologists Helo Ben has on DU have been strangely silent.

C'mon now. Helo Ben is a GOD who saved the Financial World from disaster single-handedly, and needs to have a Solid Gold Idol of him erected in every City in America, right?

Right?

[Zhade]

71. "THANK GOD IT PASSED!"

The rallying cry of the criminally ignorant.

[TheWatcher]

162. Indeed. "But He Saved Us From A Global Collapse!!!!!11111"

That's another one.

And yet, far too many still seem to believe that the pile of dog shit that represents "The Recovery" is really a delicious bar of Godiva Chocolate.

[dixiegrrrrl]

29. Hot damn !!!!!!

Sauce for gander and all that.
I hope all you Vermonters thank him, many times over.

[corkhead]

34. ****America's Senator*****

:yourock:

[Dinger]

35. Damn, I Need To Move To Vermont

Bernie, :yourock:

[jgraz]

36. GO BERNIE!!!

The Dems really need a "Not Completely Bought-and-Sold" Caucus.

[dreamnightwind]

61. Now that was funny

and a small caucus it would be.

[emsimon33]

37. Go, Bernie.

[guyton]

39. Yes! About time the *left* had a voice too n/t

[bertman]

41. I LOVE that guy!!! Not only does he talk the talk, he walks the walk.

Makes me wonder what the fuck is wrong with the Democrats in the Senate. Oh wait, it's the corporate money. Sorry, for a minute there I had a senior moment.

Rec.

[D23MIURG23]

42. Fuck Yeah.

[debunkthelies]

43. BRAVO BERNIE!!

BRAVO:applause: :applause: :applause: :applause: :applause: :applause: :applause: :applause: :applause: :applause: :applause: :applause: :applause: :applause: :applause: :applause: :applause: :applause: :applause: :applause: :patriot:

[Wwagsthedog]

44. Bernie's timing is perfect on this one.

You crank up your war so I'll fire my guns.

[democrat2thecore]

45. Obama re-nominated him. Think. About. That. --- Am I whining? -nt

[ima_sinnic]

81. oops, you said the thing everybody's thinking but nobody will say

Sanders must just be an Obama-hater.

[sendero]

93. Oh yes..

... but Obama is bringing change. :sarcasm:

[Zhade]

152. HE IS!

Pocket change for us little folk, that is, and billions for thieves.

[AngryOldDem]

125. At least someone's working for a change in the status quo. n/t

[wordpix]

161. just one reason I get disheartened by the change I'm losing faith in

[rhett o rick]

46. kick and rec for America's Senator Bernie Sanders I-VT. nt

[peacetalksforall]

47. I feel like crying. Someone I can believe in. If ever we needed to support a thoughtful, caring,

logical, thinking, idealistic, peoples Senator - THIS IS IT, FOLKS!!!!!!!

[debbierlus]

48. Recommend for Bernie! I love you Senator Sanders, and I love Vermont for electing you

Hey Vermont, can Berkshire County in Western Massachusetts join you?

:)

[TygrBright]

49. Thank you, Bernie! And thank you, Vermont! n/t

[snake in the grass]

50. Sanders is one of the best.

[Iowa]

51. Outstanding! People like Sanders are the future.

The Democratic party has abandoned the people of this country and is no longer a place for progressives. I changed my registration from Dem to No-Party a few months ago. I no longer wish to be associated with the corporatist, war-mongering, anti-civil-liberties crowd the Democratic party has become. Obama, Bush, Cheney, Lieberman, Reid, and their "Republicrat" ilk represent a dark and failed past. Sanders is the future.

[dreamnightwind]

63. Don't abandon the Dems...

We need all the progressive votes in the primaries we can get. If you're ashamed of the party, just don't admit that you're a Dem.

I understand the feeling, though, I was registered Green from 1980 to 1999, just cause I didn't like to be associated with the Democratic policies. Finally I realized it was self-defeating, I had no voice in Democratic primaries and the Green party was unfortunately completely incapable of organizing effectively.

Now, if you had some meaningful other party to join that was running multiple viable candidates in its own primaries, that's another story. When that happens I'll be there with you. Till then, we need your vote.

[No Elephants]

69. Catch 22. As long as people take your position, there will never be a

"meaningful third party to join." And Democrats will continue thumbing their noses. And we would not have anyone like Bernie Sanders in the Senate.

Third party votes do have an influence on people in office. Just ask Bill Clinton about Ross Perot.

I used to think like you.

Until I went all out in my support for Obama and change I could barely notice.

Helping elect another DLC style politician is the biggest waste of my donations and vote I can think of. I'd rather make a statement with my vote, even if I have to write in someone.

Besides, I never abandoned Democrats and never will. I'd vote for a Democrat in a heartbeat. A lot of politicians in Washington with a (D) after their names abandoned Democratic voters, though. They need schooling, if only for the future of our country. Voting for them is not going to school them.

[dreamnightwind]

80. Sounds like you missed where I'm coming from

Maybe I'm missing something here, but it seems to me that, for a citizen (not a politician), the only thing your official party membership gets you is the ability to vote in its primaries.

What's to keep you from doing anything you can to organize a third party, without changing your party membership? You can still cast a progressive vote (or any vote you want of course) in the Democratic primary. You can then support your third party in the general election if you want.

Like I said earlier, if you have a third party that actually has meaningful primaries of its own then it's a different story. The poster I was responding to had simply become undeclared, I forget the exact term, anyway he basically just revoked his party affiliation, so no primary vote for him. What's the use of that? It disenfranchises him.

I don't recall ever having much of anything to choose from in any Green party primary. Most positions ran unopposed, if they even fielded a candidate for the office at all (more often than not they didn't).

I suppose the one thing I'm leaving out, and I'm not clear on the rules here, is that 3rd parties get something from having more people registered to them. More federal funds? Anyone know?

Otherwise, you can leave the party in practice, still influence the Democratic primaries in favor of the left, and work as hard as you like to build an alternative while you're at it. You can even atttend their organizational meetings, nobody checks your reg at those.

The Democrats need all the help they can get from their left in the primaries.

[Iowa]

141. That's the old way of thinking; you are about a decade behind the times.

Your way of thinking only prolongs the rule of the corporatists; it is an approach that has failed spectacularly. Obama was the final straw for me with his breathtaking betrayals. Actually, I had reached that point before, but kept an open mind with Obama. He has confirmed my thinking.

It is difficult to break away from the old paradigm. You're in a mental prison of your own making - as was I - but it's within your power to unlock the door. And if enough people will do that, a genuine party of the people will materialize to take advantage of it. Only then will we be able to take our country back from the corporatists and their hired help. Like the old adage says: Jump and a net will appear. It's not easy, but most great advances require such leaps. The alternative is to continue sliding into a dark age. We have allowed the self-serving, war-mongering, anti-civil-liberties, corporatist crowd (represented by the likes of Bush and Obama) to occupy our WH and Congress for far too long.

Like anything else, a few forward thinkers will see it first. Some saw it years ago... I'm a relative late-comer. Eventually there will be enough of us to tip the scales. Let's just hope we don't wait too long. The two major corporate-owned political parties are doing incredible damage, and if we allow them to dig the hole too deep, we may not be able to climb out.

The future belongs to people like Sanders. The once great Democratic party is dead and gone. It's long past time to mourn its demise and move on.

[No Elephants]

74. I voted Dem all my life, but was registered "unenrolled." After Dummya's

re-election, I changed my registration to Democrat, just to give Democrats any kind of support I could. I went all out to help elect Obama. I will change my registration back to unenrolled, right after the primary for Senator Kennedy's seat.

[dotymed]

89. I hope

that Senator Sanders has a future. Honestly, look at our history including the last 30 years. When a populist figure emerges and leads or informs our people of the truth that is our government, he she usually has an accident. Be careful Bernie but please keep on. America needs you. IMO you are deserving of the 24/7 protection. I almost said secret service protection but that (IMO) is not protection, but a way to get close... I know I sound terribly paranoid, when there is a history of these events is it paranoia or being careful?

[peacetalksforall]

52. The little club that was so carefully assembled and placed to rob us blind may have an opening at

the top level. This club is not good for the world with the exception of the uber wealthy. We need to break up this club. They are our ruin. I've waited this long to figure out or be told the Obama strategy for keeping these people. Out! They gotta go. Starting with this one.

Hooray for moral and principled Independents.

[Iwillnevergiveup]

54. So, in a nutshell

Bernie - si
Bernanke - no

K&R for America's Senator

:kick:

[NYC Democrat]

55. As much as I may disagree and dislike Bernanke

I can not support Sanders doing this because I am strongly aganist the entire Idea of "Holds" in the first place

[ima_sinnic]

82. then what other method would you use to prevent another rape of yr wallet?

I don't care what they do, just get rid of that stinking scumbag.

[Nikki Stone1]

58. The Socialist does the right thing. Imagine that!

:)

[grahamhgreen]

59. He actually is a real socialist and the best American senator

[earcandle]

60. Thank you Bernie! Have a song...

Get Out

I think you can send this to those stupid people who think we are dupable.

And thanks for your hard work.

[Why Syzygy]

62. The wind at your back, Senator Sanders!

:applause:

[Chisox08]

65. Go Bernie

We need 99 more of him in the Senate

[Mithreal]

66. K & R

[defendandprotect]

70. Great move . . . but obviously not by Democrats . . . !!!

[ClayZ]

72. Bravo, Bernie!

K and R

[budkin]

73. Yay!

[No Elephants]

75. From Sanders's Senate website:

"Sanders Blocks Bernanke Confirmation

December 2, 2009

Sen. Bernie Sanders Wednesday placed a hold on the nomination of Ben Bernanke for a second term as chairman of the Federal Reserve. “The American people overwhelmingly voted last year for a change in our national priorities to put the interests of ordinary people ahead of the greed of Wall Street and the wealthy few,” Sanders said. “What the American people did not bargain for was another four years for one of the key architects of the Bush economy.” As head of the central bank since 2006, Bernanke could have demanded that Wall Street provide adequate credit to small and medium-sized businesses to create decent-paying jobs in a productive economy, but he did not. He could have insisted that large bailed-out banks end the usurious practice of charging interest rates of 30 percent or more on credit cards, but he did not. He could have broken up too-big-to-fail financial institutions that took Federal Reserve assistance, but he did not. He could have revealed which banks took more than $2 trillion in taxpayer-backed secret loans, but he did not. "



Senator Sanders Press Release:


Release: Sanders Puts Hold on Bernanke

December 2, 2009

WASHINGTON, December 2 – Sen. Bernie Sanders (I-Vt.) today placed a hold on the nomination of Ben Bernanke for a second term as chairman of the Federal Reserve.

“The American people overwhelmingly voted last year for a change in our national priorities to put the interests of ordinary people ahead of the greed of Wall Street and the wealthy few,” Sanders said. “What the American people did not bargain for was another four years for one of the key architects of the Bush economy.”

As head of the central bank since 2006, Bernanke could have demanded that Wall Street provide adequate credit to small and medium-sized businesses to create decent-paying jobs in a productive economy, but he did not.

He could have insisted that large bailed-out banks end the usurious practice of charging interest rates of 30 percent or more on credit cards, but he did not.

He could have broken up too-big-to-fail financial institutions that took Federal Reserve assistance, but he did not.

He could have revealed which banks took more than $2 trillion in taxpayer-backed secret loans, but he did not.

“The American people want a new direction on Wall Street and at the Fed. They do not want as chairman someone who has been part of the problem and who has been responsible for many of the enormous difficulties that we are now experiencing,” Sanders said. “It’s time for a change at the Fed.”

The Federal Reserve has four main responsibilities: to conduct monetary policy in a way that leads to maximum employment and stable prices; to maintain the safety and soundness of financial institutions; to contain systemic risk in financial markets; and to protect consumers against deceptive and unfair financial products.

Since Bernanke took over as Fed chairman in 2006, unemployment has more than doubled and, today, 17.5 percent of the American workforce is either unemployed or underemployed.

Not since the Great Depression has the financial system been as unsafe, unsound, and unstable as it has been during Mr. Bernanke's tenure. More than 120 banks have failed since he became chairman.

Under Bernanke's watch, the value of risky derivatives held at our nation's top commercial banks grew from $110 trillion to more than $290 trillion, 95 percent of which are concentrated in just five financial institutions.

Bernanke failed to prevent banks from issuing deceptive and unfair financial products to consumers. Under his leadership, mortgage lenders were allowed to issue predatory loans they knew consumers could not afford to repay. This risky practice was allowed to continue long after the FBI warned in 2004 of an "epidemic" in mortgage fraud.

After the financial crisis hit, Bernanke's response was to provide trillions of dollars in virtually zero-interest loans and other taxpayer assistance to some of the largest financial institutions in the world. Adding insult to injury, Bernanke refused to tell the American people the names of the institutions that received this handout or the terms involved.

“Mr. Bernanke has failed at all four core responsibilities of the Federal Reserve,” Sanders concluded. “It’s time for him to go."





Riddle me this: Why does Vermont elect Sanders while Maine elects Snowe and Collins? Is the water in Vermont that different from the water in Maine?

[Greyhound]

76. I think the Senate rules on this are a terrible thing, but as long as they exist, use 'em for good.

:kick: & R

and another rec for Senator Sanders not holding it anonymously!

[democracy1st]

78. K & R

[krispos42]

79. Ravi Batra for Fed Head

Man, that would tie the Repubs up in knots...

[Enthusiast]

83. By God!

Get 'er done!

[TheWebHead]

86. it means nothing

It's anything but "pretty huge news." You have a guy who inherited a mess from Greenspan and largely saved the country from a digital run on the banking system who was appointed by a republican, renominated from a democrat, and you have 2 or 3 senators who have made any sort of pledge not to vote for him... Meanwhile, no viable alternative has even been floated. This is all about venting for respective far left/right bases and I'm sure we'll see some grandstanding to get TV time. Intrade has him as a virtual lock for renomination.

[natrat]

92. there are trillions of dollars unaccounted for, ben opposes an audit-you do the math

[maryf]

87. Go Bernie is right!

k&r

[Hubert Flottz]

90. K&R

The Anti-Joe!

[LiberalEsto]

91. Yesssssss!

Bravo, Bernie!

:yourock: :fistbump: :applause: :woohoo:

[bread_and_roses]

94. Good! K&R (n/t)

[mbperrin]

96. Where can I get a Senator that actually represents MY interests?

Bernie got a protege that he can move to Texas? Please?

[mdmc]

97. Bernie Sanders is a good man

:toast:

[bdamomma]

98. yes finally someone who is doing something for the people!!

Thank you Bernie Sanders!!

[w4rma]

100. Obama shouldn't have reappointed him. That guy should have never been appointed by a Dem. (nt)

[AzDar]

101. I love this man. LOVE.

:loveya:


Show 'em how it's done, Bernie!

[lonestarnot]

102. Wyat!

:bounce:

[DrZeeLit]

103. Rah! Bernie! Proud of my Senator! No fear, not owned by $, true to the people!

[mikelgb]

104. Thank Gawd. Bernanke DOA

Try again President Change

[kag]

105. Way to go Bernie!

Just when you thing NOBODY is listening...Bernie is definitely one of the good guys!

[valerief]

106. We need more socialists like Bernie in the Senate, like about 99 more. nt

[AngryOldDem]

107. Good. I'm rapidly becoming a huge fan of Bernie's.

Guys like him and Alan Grayson give me hope.

[beyond cynical]

108. Funny...Sanders did not recommend an alternative.

Oh well, at least he is giving some people the impression that he knows what the hell he is talking about.

[grahamhgreen]

116. That's not his job. Do you actually like Bernanke? nt

[beyond cynical]

123. You are right; a Congressperson is not responsible for anything other than their reelection.

No, I do not like Bernanke; I do not think he has the courage to do what is necessary. Nevertheless, Obama re-nominated him because he believes Helicopter Ben's policy will eventually cause the economy to grow.

I believe the federal reserve has too much power and should be abolished.

I have no idea what Sanders thinks.

[grahamhgreen]

163. I think he might suggest Elizabeth Warren, and maybe Joseph Stiglitz,

To the congress if he were president. But he's just a senator.... For now...

[Hell Hath No Fury]

118. Stick around newbie --

and you will learn that Sanders knows exactly what the hell he is talking about and is one of the very best our Senate has to offer.

Thank the gods for people like Bernie!

[beyond cynical]

124. If he does, he's not telling anyone.

[patrice]

127. Wrong. Some people are not now and never have been listening.

So, who DO you listen to?

[beyond cynical]

130. Oh, I listen very closely...

And then I watch what they do.

I sense a bit of a disconnect between--don’t you?

[nyc 4 Biden]

112. Thank you Senator!

[AllyCat]

114. Yes!!!! That's it. I'm registering independent. This man fights for US!!

[BobRossi]

119. See how it's done Dems?

It's called "Balls"

[Overseas]

120. Thank you Senator Sanders !! //nt

[Raineyb]

121. THIS is why I LOVE Bernie Sanders. I wish there were more like him in the

Senate!

K&R

:kick:

[freddie mertz]

122. Yet another K & R for the great senator from Vermont.

Thank the gods for Bernie and Russ Feingold.

[Zorra]

126. The revolt against the Corporatocracy has to start somewhere. Here and now

looks good to me.

Thanks, Senator Sanders.

[slipslidingaway]

128. Sanders speaking now on the floor about Bernanke - video will be on

the cspan site shortly and text will be added tomorrow.

http://www.c-spanvideo.org/congress/

Too big to fail have become bigger ...

[closeupready]

129. Go Bernie!

Why can't this man run for president?

[rhett o rick]

131. Go Bernie nt

[RoccoR5955]

132. GO Bernie!!! Sanders/Kucinich 2012!

TAKE BACK AMERICA from the corporations!

I think I'll send him MORE money. Even though I don't live in Vermont, I am still going to thank him too!

[genna]

139. Good news Bernie!

First Bernie threatened the House bill on the public health option (not sure that worked out too well) and now holding these corporate lobbyists who are on the inside.

Way to keep us, Democrats, honest. When we are in power, we fail to stand up like we should.

Obama is doing better than Clinton did so far, but I hope he can make this first legislative year count for all he is worth.

[Fire1]

142. And the final vote will be confirmation. n/t

[zogtheobvious]

143. Mmm YEA!!

I think I have a new hero! In this day and age, where our once-great country has been taken over in a bloodless coup by the megacorporations (the best coups are the ones where the people don't even know it's happened), this is very refreshing, and tells me that it is NOT impossible for HOPE and CHANGE to occur in this country after all.

Obama's good, and a vast improvement over the right-wing takeover that occurred in the previous administration, but he has made some very negative moves. His message of hope and change have not been proven, and he has actually done more to disprove it than to dispel any concerns of the base that elected him. Anyone who's read my posts (all three of you, lol) knows how schizophrenic I am on the subject of Obama. Well, it appears that Sanders and Kucinich are all that I'd hoped Obama would be!

[gateley]

144. Go Bernie!! nt

[Maineman]

145. Hurray for Bernie Sanders

[aldo]

146. We must fight the Corpo-RAT state

Obama is a Trojan horse for the banksters & the war profiteers.

Way to go Bernie!

[davidwparker]

147. Thanks, Bernie! You embody the principles of the Democratic Party of

old.

Jefferson would be proud!

[pjt7]

148. COURAGE!

I live it. Sanders is the man.

[pleah]

150. K&R

[Gin]

153. way to go Bernie

[katty]

155. at least SOMEONE has the guts to just say NO-MORE!!

of the same

[scentopine]

157. Heck of a Job Bernie Must GO !

[wordpix]

159. That is fantastic that FINALLY a senator is standing up- Obama should can Bernanke tomorrow

first thing in the a.m., we should hear he's resigned to spend more time with his family. :evilgrin:

[Paula Sims]

164. What about the OTHER regulators like the OCC & FDIC & States?

Shouldn't something be done about those guys too? The OCC (a part of the Treasury) is the ones that regulate the banks that have National or NA in their names (Chase, B of A) and the Fed regulates others that don't. Don't mistake banks with financial companies; the Fed has nothing to do with regulating the market guys like Goldman who aren't banks (that's the SEC and others). And I think putting the banks under the Treasury (i.e. OCC) while Geithner is still there is a bad mistake. If anything (especially banks)is too big to fail -- then it's too big to regulate and must be too big to exist. Today, banking isn't always the Mom & Pop shop that it was, and yes, even some Credit Unions have become as large as the big-shop banks. It's all legal and it must start with legislation.

Frankly, I blame all this mess on Greenspan, who was definitely anti-regulation. He was sitting around, playing with his numbers, rejoicing when people would fall on his every word, and his counter-party cronies at the OCC and FDIC turned their back when Congress was stripping out the safety nets. They were all too happy to let Greenspan enjoy the limelight while they sat back in relative anonymity, knowing this is not a good situation. And repeal of Glass-Steigel (aka GLB Act) was the worst idiocy a lot of people in the industry (both regulators and nonregulators) have ever seen (although there are SOME parts of GLBA that were good). But how can a regulator regulate against something that's legal although they don't think it's a good idea?

Now the stupidity that Bernanke mentions about "entitlements" -- we'll, that's all on him and should be looked at twice now because of it. I think that's enough to stop the nomination right there.