Only ONE Democrat (Merkley (D-OR)) Says No to Bernanke
by fairleft2, Wed Dec 16, 2009 at 11:48:21 AM EST
Unbelievable. Et tu Sherrod Brown? Why would any reality-based person reconfirm such a catastrophically terrible economic manager? I mean, look at that unemployment rate, the flatulent economy, or just read about his and other conventional thinkers' gigantic MISS on the real estate bubble. The whole corrupt financial sector takeover of the political system is responsible for our deep recession, of course, but why shouldn't Bernanke take a fall for his ostrichy lack of foresight? Why shouldn't somebody take a fall for the catastrophically bad economic forecasting, the record-breaking giveaway to incompetent financial institutions? And then there is pwoggieland's utter silence (except for David Sirota and, I guess, Jane Hamsher) and worse (see Dean Baker below on 'liberal' NPR 'reporters' openly ridiculing Senator Jim Bunning, a Republican Senator willing to criticize Bernanke, giving him an F- on his management of and responsibility for the worst financial crisis since the Great Depression). This is why common sense people say there is no left in the U.S., and why we so desperately need one. Here's Merkley:
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. . . .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.






