Senator Jeff Merkley( D-Oregon) will vote against re-appointing Bernanke.

[girl gone mad]

Looks like Merkley is keeping a campaign pledge. Good for him.

http://merkley.senate.gov/newsroom/press/release/?id=96AE7988-5871-4F72-81D2-6DE1B63948EB">Merkley Statement on Nomination of Ben Bernanke
December 16, 2009

WASHINGTON, DC – Oregon’s Senator Jeff Merkley, a member of the Senate Committee on Banking, Housing and Urban Affairs, issued the following statement on his intention to vote against Ben Bernanke’s nomination to a second term as Chairman of the Board of Governors of the Federal Reserve System:

“Tomorrow, I will vote against confirming Ben Bernanke as Chairman of the Federal Reserve. The reason, in short, is that as Chairman, Dr. Bernanke failed to recognize or remedy the factors that paved the road to this dark and difficult recession. Following our economic collapse, it is also apparent that he has not changed his overall approach to prioritizing Wall Street over American families.

“My decision is based on my fundamental belief that our economy cannot recover if we do not put Main Street first.

“Our nation is just beginning to emerge from the greatest financial crisis since the Great Depression, and there is no guarantee we will continue on the road to recovery over the long or short terms. Unemployment remains far too high, credit is unavailable to too many businesses, and families are plagued by falling home prices and high foreclosure rates. Even as we move forward with our efforts to get our economy back on track, it is critical we carefully examine what led us to this point.

“For too many years, federal regulators turned a blind eye to signs of an impending financial crisis. Tricks and traps proliferated in the credit card and consumer lending industries. Predatory mortgage loans exploded, fueling an unsustainable housing bubble. Regulators lifted rules requiring banks to keep adequate capital, and a laissez-faire approach to securitization, derivatives, and proprietary trading encouraged excessive risk-taking on Wall Street. As a member of the Board of Governors, Chair of the Council of Economic Advisers, and then ultimately as Chairman of the Board of Governors, Dr. Bernanke supported each of these decisions, failing to take the necessary precautionary steps that could have averted or mitigated financial collapse.

“These failures are very relevant to the future. We need economic leaders who understand that the ultimate goal of economic policies and the key to meaningful economic recovery should be financially successful families, not oversized Wall Street profits.

“Indeed, it should be recognized that although Wall Street prospered in the short-term from reduced leverage requirements, securitization of faulty mortgages, and the explosion of derivatives, Americans did not. The expansion that occurred from 2002 to 2007 became the first economic expansion in which working families were worse off at the end than at the beginning. This is not a path that we can afford to travel again.”

[mike_c]

1. excellent news!

I don't think I could take much more of the other variety.

[valerief]

2. I'm amazed Bernanke is still walking around. nt

[aquart]

3. I was clearly not praying hard enough.

In my defense, my Please God, Smite Them list is really too long to keep any deity's attention.

[Fire1]

4. Anybody else voting against him? n/t

[girl gone mad]

5. Senator Bernie Sanders is using a procedural tool to block the confirmation

McCain says he is "leaning against" voting for Bernanke. A few members of the banking committee haven't disclosed their intentions, leading to speculation that others intend to vote down the appointment, too.

It still looks likely Bernanke's nomination will clear, but with his poll numbers as low as they are, anything is possible.

[Po_d Mainiac]

6. I'm reminded of the pyromaniac fireman

Trying to extinguish the blaze he created...dousing the flames with kerosene. And totally amazed that the inferno is spreading.

Favorite Chopper B quotes from 2007: "There will be no recession" and "Subprime is contained" :puke:

Wonder if he'll apply next time Harvard needs a trust fund manager :evilgrin:

[ERIC0919]

7. Most people on the left and right don't like Bernanke.

There should easily be enough people calling their representatives to say no to his nomination. I can't believe even when both sides agree the wrong decision is made.

[netsurfer2]

8. If I were Ben Bernake

Here's what I would do. After having to listen to all those self righteous frauds on Capital Hill I would dish it right back. I would have a list of the companies that the federal government bailed out and who they gave money to. Then I would remind them of their role in this whole mess. When I was finished I would get up flip them off and walk out.