Editorial: Sanders omits half the story on Bernanke's nomination
Posted on December 10, 2009 | By
Vermont’s Sen. Bernie Sanders efforts to block Ben Bernanke’s nomination for a second term as chairman of the Federal Reserve make a point, but in doing so he omits more than half of the story.
Sanders suggests that Bernanke should not be confirmed for a second term based on the premise that “the American people voted last year for a change in our national priorities to put the interests of ordinary people head of the greed of Wall Street and the wealthy few. What the American people did not bargain for was another four years for one of the key architects of the Bush economy.”
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Bernanke quotes: March 28,
December 10, 2009 by Chris Coughlin (not verified), 37 weeks 6 days ago
Comment id: 1944
Bernanke quotes:
March 28, 2007: “The impact on the broader economy and financial markets of the problems in the subprime markets seems likely to be contained.”
May 17, 2007: “We do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system.”
Feb. 28, 2008, on the potential for bank failures: “Among the largest banks, the capital ratios remain good and I don’t expect any serious problems of that sort among the large, internationally active banks that make up a very substantial part of our banking system.”
June 9, 2008: “The risk that the economy has entered a substantial downturn appears to have diminished over the past month or so.”
July 16, 2008: Fannie Mae and Freddie Mac are “adequately capitalized” and “in no danger of failing.”
Why would anyone vote to employ this moron as a financial manager at any level? I wouldn't employ him as a teller at a bank. At best, he is dillusional. At worst, he is an architect of financial disaster so huge he has helped collapse the world's economy.
Christopher Coughlin
Another half of the story...
December 11, 2009 by Aggie (not verified), 37 weeks 5 days ago
Comment id: 1947
The Obama administration has seen fit to give Dubya four more years in office on other fronts as well, including the Patriot Act, DADT, No Child Left Behind, and the two bush (Bush?) wars.
Obama campaigned on making serious revisions (or deletion) to all these items, and none have been forthcoming.
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