Obama to Nominate Bernanke for Second Term

(AP)  Federal Reserve Chairman Ben Bernanke, widely credited with taking aggressive action to avert an economic catastrophe after the financial meltdown last fall, will be nominated by President Barack Obama for a second term, The Associated Press learned Monday night.

Obama plans to make the announcement on Tuesday during a break from his vacation on Martha's Vineyard. A senior administration official discussed the nomination on the condition of anonymity because it was not yet public.

In remarks prepared for the announcement, Obama praised Bernanke for leading the country through a financial crisis and, with his expertise on the Great Depression, helping to prevent a similar crisis.

"Ben approached a financial system on the verge of collapse with calm and wisdom, with bold action and outside-the-box thinking that has helped put the brakes on our economic free-fall," Obama said in prepared marks obtained by the AP.

"The actions we have taken to stabilize our financial system, repair our credit markets, restructure auto industry and help the overall economy recover have all been steps of necessity, not choice. They have faced plenty of critics, some of whom argued that we should stay the course or do nothing at all. But taken together, all of these steps have brought our economy back from the brink. They are steps that are working," Obama said.

Bernanke was appointed Fed chairman by President George W. Bush and sworn in February 2006.

[Joe_NY_15]

Is this an Obama endorsement of Bush and Bernake's bailout ?

Praising the Bush Fed chairman.....I bet the Libs love that.

[heresmy2cent]

Isn't curious there are only 2 "qualified" candidates for this job--Ben Bernanke and Larry Summers.

Only jews need apply, even though they compose only 1 percent of the population.

Does this give some sense of who is really running this country?

[hologram5]

Yes it does and it is a very scary thought.

[rhs648]

If you think that the 1% of the population is running this country, then you have to admire them. That is quite a feat, There must be something really special about them. You probably believe that the Jews are part of an international banking conspiracy. This stuff is so old it is pathetic. Besides, if you are so smart, why didn't president Obama appoint you or one of your friends to this position?

[Constitionalist]

Oh yeah I forgot, for all you out there whining about how Bush's trickle down economics failed, how come your "savior" is following the same policies? Trillions in money to banks, industry, unions. How much of that have YOU seen? All I see is rising unemployment, rising cost of living, rising profit for the rich, rising taxes, and rising bank/credit card fees and penalties.

Personally my mortgage has gone up $300 a month due to property tax increase. (the city just annexxed us to increase their revenue). My wife lost her job costing us $700 a month. These alone set us back $1000 a month. We were barely getting by before. Now we are facing foreclosure. We bought when we could reasonably afford. What we could not predict was all the economic trouble CAUSED by the wealthy for the PROFIT of the wealthy.

Look around. Who is hurting in this recession? Certainly not those with power/money. They are getting more powerful and richer. It is the american people who for so long have been the victims of the tactic of divide and conquer. That is all this two party system is. It keeps the people fighting while those who control BOTH parties profit.

I will finish this rant with a proposition. Why did the authors of the constitution leave out the parts in the declaration of independence about "That whenever any form of government becomes destructive to these ends, it is the right of the people to alter or to abolish it, and to institute new government,"? I believe it was because the constition is open to change by ammendment, and as such the government would be able to revoke those rights. As the first document founding our nation the declaration of independence takes precedence over the constition. Thus the government can NEVER take away our RIGHT to remove them from power.

[Constitionalist]

Obama is NOT the one making the appointment. He is being told who to appoint. By whom? Think about this. The federal reserve is in it's very name a deception. There are no reserves, only imagination money with the ability to print whatever they want. There is no "federal". This is a privately owned bank, which happens to have complete control over our economy. As such, the owners of this bank tell our government who is going to be in charge.

As for the whole Jew money changer thing, the reason that historically (in the western world) the Jewish people have a monopoly on that industry is because the catholic church excommunicated anyone involved in the business. Since they didn't care what the pope thought, the Jews took advantage of the lack of competition. Having a few hundred years head start they were able to build institional wealth and experience as well as setting precedent in their favor. It will take a very long time to wipe out that advantage.

[drthvader]

Hologram5: Who are these criminals?

[bluedenmant]

Another show of President Obama reaching across the aisles and proving that working together can be done (Bernanke being Republican, and not the only Republican in this Administration's Cabinet). Let's hope these implementations continue to turn this economy around as they seem to be doing. And for all you right-wingnuts over on ABC taking the cheap shot of proclaiming George W. Bush had it right and this proves he was on the right track...please continue to espouse that line of thinking...

[rightbehind]

Bernanke seems to be a straight shooter. I trust this guy more than any I can remember.

[Swine_Flu_Virus]

rightbehind said: "Bernanke seems to be a straight shooter."

{}{}

You're thinking with your "behind." All Obama and his court jester have done is continue the
unprecedente bail outs begun by Bush ------- In return, bank CEOs continue to shower themselves with million dollar bonuses.

[hologram5]

All these crooks are in bed together to pillage and plunder the USA's hard earned dollars. This appointment is a huge mistake and we all will see.

[rhs648]

Would you prefer banning Jews from the Federal Reserve? Perhaps there is a perception that Jews have experience in handling money. Perhaps many of them have the education, experience, and knowledge to handle the job. It is an irony that kings and rulers have entrusted Jews to handle their finances throughout history.