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Bernanke faces anger as he asks to keep job
Malaysia News.Net
Thursday 3rd December, 2009
Ben Bernanke, the US chief of the Federal Reserve, has invited anger from several quarters at a Senate Banking committee hearing.
While President Barack Obama has nominated Bernanke for a second four-year term, the Fed chairman has had to defend his record to senators and the millions of Americans who are out of work or facing home foreclosure.
The Federal Reserve Chairman has promised in Washington that if he is re-confirmed, he will work with Congress to overhaul the US financial regulatory system.
He said his steps to keep the United States on the road to economic recovery would all be in vain if "after all the hardships that Americans have endured during the past two years, our nation failed to take the steps necessary to prevent a recurrence of a crisis of the magnitude we have recently confronted."
Some members of the Senate Banking Committee hearing on his renomination were unimpressed with Bernanke's statement, with Republican Senator Jim Bunning of Kentucky, a conservative, going on the attack to accuse Mr Bernanke of failing to recognise the obvious signs that the housing bubble was threatening the overall economy, of bowing to pressure from Wall Street, and of abusing the central bank's powers by bailing out large financial institutions.
Senator Bunning said: "I will do everything I can to stop your nomination, and drag out this process as long as I can. We must put an end to your and the Fed's failure, and there is no better time than now!"
Bunning said that Bernanke's bailout of the troubled New York-based insurer American International Group should be reason enough alone to sack the chairman.  Email this story to a friend
Comments on this story
lynn2929
12-03-09, 07:56 PM |
Ben Bernanke makes pitch for another term
Why should we give this man another chance to cost the tax payers billions more in tax money. I hope he isn’t allowed to serve anymore
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Anonymous
12-03-09, 08:36 PM |
Haaaaaaaaaaaaaaaaaaaaaaaaaaaa
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fedup
12-03-09, 08:38 PM |
Ben Bernanke makes pitch for another term
Let him fail. No bailouts for Bernie.
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Anonymous
12-03-09, 11:23 PM |
Puppets on strings
For those of you who don’t know the Federal Reserve is NOT Federal nor a reserve. It’s is a privately held institution controled by member banks. It is not a reserve because it is only a promisary note and no longer is back by the Gold Standard or Silver Certs. The dollar only stays afloat because of China and other foreign nations who own our debt as we print money out of thin air and hyper-inflate our currency. Greenspan deregulated the mortgage industry for sub-prime lending, and bad security assets were shifted into firms knowing they couldn’t pay loans due to debtures inability to pay variable rates that the FED controls, therfor allowing smaller & legacy banks to collapse and be bought up on pennies on the dollar to furthermore centralize our banking institutions. It is all a grand design and we are the pawns, people need to wake up and take the time to do your homework before we all become out of jobs and wake up to becoming slaves of the system. It’s just another brick in the wall everything is done incrementally and sitting on a shelf waiting for the right time to be implemented, they do this slowly so people don’t panic it’s sociological propaganda in it’s purist Edward Bernasian Theory. Watch the IMF to use it’s special drawing right to sell bonds for a world currency it’s on it’s way. Don’t believe me go read a book ?
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` ~galljdaj+
12-04-09, 07:48 AM |
Mr. Jim Bunning needs to join Mr. Bernanke...
...on the Exit Bus! Mr. Bunning has been as much of the problems as anyone in D.C.!
Mr. Bunning is speaking out of the sideofmouth Excusing his own culpability by accusing only Bernanke! Mr. Bunning owns a seat right next to Bernanke!
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Sir Ron
12-04-09, 04:01 PM |
Dark clouds loom on the horizon. Must go to Hooters & get read for the game.
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Debt Deflation
12-04-09, 04:16 PM |
Incompetence Gets Rewarded...
Bernanke and Greenspan did not see any bubbles or GFC coming. Remember the Great Moderation speech? Bernanke’s reward is to be reappointed. Another too big to fail moral hazard to add to an already long list. We live in an age where incompetence gets rewarded.
An economy built on DEBT is a false economy.
http://www.debtdeflation.com/blogs/
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