Federal Reserve Chairman Ben S. Bernanke, who led the biggest expansion of the central bank’s power in its 95-year history to battle the worst economic slump since the Great Depression, will be nominated to a second term by President Barack Obama.
Bernanke “has led the Fed through one of the worst financial crises that this nation and this world have ever faced,” Obama said in remarks prepared for delivery today at 9 a.m. in Martha’s Vineyard, Massachusetts, where Bernanke is to join him.
“As an expert on the causes of the Great Depression, I’m sure Ben never imagined that he would be part of a team responsible for preventing another,” Obama said. “But because of his background, his temperament, his courage, and his creativity, that’s exactly what he has helped to achieve.”
Bernanke’s nomination for a second four-year term starting Jan. 31 requires Senate approval and was endorsed by the head of the Banking Committee, Christopher Dodd. The Fed chief will still face tough questioning from lawmakers who say he was slow to recognize the severity of the mortgage crisis and didn’t do enough to protect American consumers while leading bailouts of financial firms including Bear Stearns Cos. and American International Group Inc.
Obama decided to reappoint Bernanke because he wanted to keep together the team that had weathered the crisis, an administration official said. The official said Treasury Secretary Timothy Geithner, Chief of Staff Rahm Emanuel and National Economic Council Chairman Larry Summers all recommended Bernanke be reappointed.
“May whatever god you believe in have mercy on your soul.” –Q
This isn’t surprising in the least… but really… “expert in the Great Depression”… I don’t see it. “Responsible for preventing another?” I strongly disagree. He’s not to blame for the Greenspan and legislative policies that helped get us to this place… but he’s surely responsible for the Keynesianism on crack corporatism that he’s pushed for and implemented. He’s also to be criticized, as the article mentions, for the biggest expansion in central banking power ever.
As this video is called: Ben Bernanke was wrong
Why would you want the same people who caused this problem to be the ones with the charge to fix it… especially when their solution is a continuation of that which lead to the problem?