How much more change can a person really handle? Was the vote really about “market stability” as some suggested or is it all about maintaining the same status quo that brought us to this crisis in the first place? Somehow it’s “populist” (as if that too is a bad word) to be disgusted with this failed system.
Bernanke was completely wrong about the economy even before he was Chairman the first time and he hardly deserves lavish praise for his efforts. Maybe he wasn’t Chairman when the crisis was building but there’s nothing that suggests he would have acted any differently from Greenspan. Another wasted opportunity to bring the previously discussed (but now missing) change to Washington. Once again, this is why voters think so little of everyone in Congress and the White House.
Bernanke’s nomination was approved 70-30 by the Senate after clearling a procedural roadblock with a 77-23 vote. A simple majority of 51 votes in the 100-person chamber was needed for approval.
Senators debating his nomination credited Bernanke with steering the U.S. economy through a wrenching financial crisis but leveled withering criticism at him for policies they argued sowed seeds for the turmoil and for an initial slow response.