As disappointing as this may be, it’s hardly a surprise. Considering how little Congress has done to address the economic crisis, it’s obvious there is very limited interest in addressing the problems that led to the crisis. Even re-nominating Bernanke for a second term was a clear indication of how risk averse the administration really is. If this is the “change we can believe in” it’s no wonder so many of us are uninspired.
If you look at the new WaPo/ABC poll on the economy, 61% see the US in a long term economic decline. What part of these results are being accepted in Washington? The public is not happy with this direction – the same direction as we were going under Bush – yet Congress and the White House are dishing out more of the same. Defending these decisions to the public who are already fuming over the handling of the crisis is not going to be easy. CNBC:
The Senate Banking Committee Thursday is scheduled to vote on his renomination in a 9:30 a.m. hearing, a vote that is expected to pass before his confirmation goes to the full Senate in several weeks time.
Bernanke is expected to be confirmed, but he has his critics, including Sen. Jim Bunning, (R-Ky.), who blasted Time’s selection as a reward for failure. Some in Congress have complained about the Fed’s approach to the financial bail outs and have called for curbs on the Fed’s powers.
Sen. John McCain (R-Ariz.) said he is leaning against voting for the Fed chairman, and Sens. Bernie Sanders (I-Vt.) and Jeff Merkley, D-Ore. both say they are definitely voting against him.