“The Senate on Thursday confirmed Ben Bernanke to a second term as chairman of the Federal Reserve by a strong majority just three days before his current tenure expired, ending a surprisingly tenacious confirmation process that underscored widespread anger at the government’s response to the financial crisis.
“The 70-30 tally followed a tense procedural vote whose outcome had been in doubt amid a recent surge of opposition to Bernanke’s renomination by President Barack Obama.”
WATCHDOG: While on a three hour drive, the dog listened on C-SPAN radio to the Senate debate over the re-nomination. By the time both Democrat and Republican senators had respectfully explained their opposition to the re-appointment, the dog was won over.
Those opposing all agreed that Bernanke had done a terrific job over the past year in taking decisive expansionary actions to ward off a depression. But his contribution toward the causes that brought about the ‘bubble’ over prior years gave them reason to question whether he was the right person to lead the Federal Reserve in the future.
It was gratifying to hear bipartisan arguments for his retention and retirement.
