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Ben Bernanke has been recommended for confirmation by the Senate Banking Committee this morning by a vote of 16-7. In the end, all Democrats on the committee but Sen. Jeff Merkley (D-OR) voted for confirmation. On the Republican side, six Republicans voted against Bernanke and only four voted for him. The final tally can be found below.
Some Republicans have successfully cast themselves as opposed to Bernanke on principle, despite the fact that he was initially a nominee of a conservative President and has basically followed the same conservative principles that he espoused when heading George Bush’s Council of Economic Advisers. Democrats, who for the most part defended Bernanke’s performance today, despite double-digit unemployment and a lackadaisical attitude from the Fed chair to do anything about that, mostly come off as the protectors of Wall Street with this vote. Only Merkley demurred from approving Bernanke, specifically because he missed the boat leading up to the financial crisis and has done little for “Main Street” in its aftermath. Sen. Sherrod Brown said that he agreed with Merkley that Bernanke hasn’t done enough to encourage job growth, though that “isn’t his main function.” But that’s not true. Among the core missions of the Federal Reserve is to maximize employment – even Bernanke would tell you that. It’s more than a little disturbing that a Democrat like Brown isn’t clear on the mission of the Federal Reserve.
Here’s the vote tally:
Aye: Dodd, Johnson, Reed, Schumer, Bayh, Menendez, Akaka, Brown, Tester, Kohl, Warner, Bennet (CO), Bennett (UT), Corker, Johanns, Gregg
No: Merkley, Shelby, Bunning, Crapo, DeMint, Vitter, Hutchison
The nomination now moves to the floor of the Senate, where at least five members – including Vermont independent Bernie Sanders – have placed a hold on the vote.
34 Comments
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If Reid is true to his traitorous form, he will ignore Sander’s hold but honor to the death any rethuglicant holds.
Still, a hold is a hold.
Kill the healthcare bill and kill bernanke’s hopes for another term.
It is interesting how the Democrats are making the Republicans’ failed policies their own, not just with Bernanke but across the board.
“Interesting” in the way Mr. Spock might use the word, when staring into the maw of a planet eating robot.
I see good ol’ Evan Bayh supports the crook. Hardly a surprise.
You got that right.
Outside of Merkley, the only other people who made sense at the vote hearing were the Rs who voted no. So not only are the Ds making the failed R policies their own, the Rs are changing in time for the next election.
Bernanke also put him thumb squarely in the senators’ eyes. They wanted (the Rs, of course) docs surrounding FRB’s involvement in the bailout. Bernanke resisted for awhile then finally did a partial cave, allowing some staff to see some docs in his office, but not allowing the senators themselves to see the same docs. The Rs thought that was outrageous, which it is, and wanted to postpone the vote until they could see the docs. Dodd held the vote anyway and said he would arrange for the senators to see the docs before the final senate vote.
So Bernanke is not only stupid, he’s also a shit.
Chris Dodd has to go.He has been in Washington too long.
And his stance with regards to the HCR bill illustrates
just how these creeps think they can just tape a sign to
their foreheads that says “Progressives” and we all foolishly
will believe their lies.
I swear this is starting to look like pro wrestling.
Worry not. Dodd is going to be beat by his GOPer opponent. He is polling below his oppo now and will continue to do so. Unless ya’ll have a decent primary contender, Dodd is going down to a GOPer.
Still, Dodd being out is a win no matter what.
Yes, I picked that up, but had forgotten it. Shame on Brown.
How long can sanders hold up the vote?
Have you informed Brown of his blatant error? It is a CORE co-mission of the Fed to maximize employment. NOT employment for bankers and financiers, but for actual human beings.
Brown has shown his true colors.
We have 3 senators that are not meaningless toadies.
Sanders, Merkley and Franken. The rest have sold out from all appearances.
Merkley the only Dem? Gasp!!! Who saw that coming.
Let’s crunch the numbers:
For the 2010 election cycle [so far] the finance industry has contributed $10,598,861 to members of the Senate Banking Committee. Of that 81% has gone to Democrats and 19% to Republicans.
Chris Dodd, the chairman has accummulated over $6,000,000 from the big banks going back to 1998.
Oh sure the Senate will block Bernanke.
Things that Bernanke said at his confirmation hearing.
1. Monetary policy had nothing to do with the housing bubble.
2. The way to handle too big to fail is making it easier for institutions to fail. Nothing about preventing institutions from getting too big.
3. The way to prevent financial institutions from getting into trouble is by knowing them more thoroughly.
Three jaw droppers.
Brown’s not mine. Ya think I should call his office anyway.
Go easy on him. He took “The Small Bus” to banking school…
If one is not employed in the financial sector one does not exist according to the FRB or Wall Street. Workers aren’t people, they’re worker ants. By keeping employment up in the financial sector the Fed is doing its core job as they see it.
He blamed entitlements. No, not the war entitlements, not the wall street or banking entitlements, or the health care business entitlements- they are after the people’s entitlements.
If one was trying to destroy the Democratic Party, I can’t really think of a better strategy than the ones our dear leaders are implementing.
And Akaka. He pretends to care.
Of course Hawaii voters are so uninformed, they won’t even notice. Kinda like AL.
Democrats? This is no party, – this is a mugging!
Was on hold at Brown’s office for about 10 minutes. Played watery classical music. That’s what they do at Port Authority Bus Station in Manhattan to keep the bums from hanging out.
Told the person who finally answered that he had made a major error at the Bernanke vote, that it was indeed the job of the FRB to maximize employment and he had no business being on that committee if he didn’t know something as simple as that.
He’s mine. You can call him and inform him of his errors, he’s a nice guy. But wrong.
Edit:
Never mind!
“That’s were the money is (he he)” said Bernanke.
I think he’s a nice guy too, but now inside the bubble. No lattitude for anyone inside the bubble.
Hugh, this is a disaster. We must join the Libertarians on issues we agree, and frankly, a failed government is not something Socialists and Progressives should want to get behind. So, get (bad) government out of our lives, sounds true to me. Audit the Fed, got your back on that. If that doubles the numbers of visibly distraught citizens, it’s worth more than shooting off e-mails (Chris Hayes on RM).
How does Franken get to join?
Bravo!
Five holds? I knew about Sanders, DeMint (I think) and Bunning — who am I missing?
Go around the country, pluck out 1,000,000 American citizens at random and note how many of their jaws have dropped.
Even among the 100 odd who would actully know what Ben Bernanke said [or the 1,000 odd who would know who he is], their jaws would hardly be at gaping.
Mine wouldn’t. But that’s precisely because what he said is what one would expect from a Bilderberger.
What an odd reversal.
A Republican Fed chairman who funnels billions to the Wall Street oligarchs gets almost all the Dem votes and none of the Rep votes.
Just another case of the Dems having a Knife in their back & a Dick up their ass & all they can say is “Deeper”
David Dayen writes:
Are you sure Bernanke would tell you that, David? As to Senate Banking Committee Democratic member and neo-Progressive darling Sen. Brown not knowing the basics, all prepped for the hearing as he, no doubt, was — it figures.
Dems like Obama and Brown are pushing me to the precipice of teabaggerism!