Senators Hold Up Bernanke's Confirmation

(AP)  Federal Reserve Chairman Ben Bernanke and Sen. Majority Leader Harry Reid met on Thursday to talk about ways to strengthen the economy, spur more lending by banks and curb home foreclosures.

The meeting comes as Bernanke waits for what promises to be a contentious vote in the Senate on his nomination to run the nation's central bank for another four years. A vote still hasn't been set. Officials at one time had hoped it would come this week. Bernanke's term expires on Jan. 31.

"I believe more pressure needs to be applied to banks to lend money to small businesses and keep more Americans in their homes," Reid, D-Nev., said after his meeting with Bernanke.

Just days after losing their filibuster-proof Senate majority in a Massachusetts special election, Senate Democrats are searching for how to defuse voter angst over the sluggish economy and high unemployment before November's elections.

Although Bernanke, 56, should have enough votes in the Senate to win a second term, some lawmakers have lined up against him. They blame him for not spotting problems that led to the financial crisis, failing to protect consumers and supporting Wall Street bailouts.

So dissatisfied by the bailouts, Sen. Bernie Sanders, an independent liberal from Vermont, wants to block Bernanke's confirmation with a filibuster on the Senate floor. He has placed a "hold" on the nomination, meaning it will require a super-majority of 60 votes to confirm Bernanke. Sen. Jim Bunning, R-Ky., says he oppose Bernanke's quest for a second term.

When the full Senate took up Bernanke's nomination to be Fed chief four years ago, only one senator - Bunning - opposed him.

[NinthSt78]

One thing I would like to see is the Savings & Loan (FSLIC) system rebuilt so that people can get 4% interest on their savings accounts as they did for many years and not have to worry about it. The meager 1% many banks offer there now is somewhat discouraging.

[NinthSt78]

He has made things much better than they were in a short time, and people seem to be much more confident about the economy than they were previously. He has acted briskly and very competently when required, and he has shown restraint, patience, and moderation appropriately too. I firmly support him being allowed the second term he has earned and deserves.

[BeckieBest]

Bernanke is one of the key people who stopped the Bush recession from becoming the second great depression.

The ignoramuses who are railing against him don't have a clue what they're talking about.

These people generally just parrot Fox and other neocon propaganda outlets.

[cigar-smoker]

The "neocon"'s put this fool in place. Four years ago Pres. Cheney had the House & Senate under Republican control.

[inventagod]

One of the big crooks, let's get him outta there!

[jgg000101]

it's funny how bernake was being hailed as a "genius" with special segments on "60 Minutes" and a "TIME" magazine cover. Now that obama's policies have proven disasterous, this administration is looking for anyone with a "bush association" to blame and throw under the bus.

[BeckieBest]

Why are you blaming Obama for Bush's recession?

[longtree-2009]

bernanke should not be confirmed. although not the real problem, he has been part of it just by making statements that further drove the market down and basically doing nothing until his hand was forced. toss him out on his behind!

[stryker54]

another idiot that needs to pack his bags and go far, far, far away.

[dolansprings]

So, he was wonderful for the last administration, but not so much now?

[thesevenveils]

So, he was wonderful for the last administration, but not so much now?

It was on his watch that the banks collapsed. Even a month before the Senate starting working towards emergency bailouts good 'ol Ben was telling the President "Don't worry this is not a recession, the financial institutes are sound."

[rightbehind]

Ben Bernanke is a straight shooter. I think he cares about the country and its people. He brings credibility to the FED. He should be confirmed.

[libbcbs]

I, as a taxpayer would like a Federal Chairman who is NOT liberal. Why do we keep getting these liberals as chairmen, huh????????????

[thesevenveils]

Because Bush nominated Ben. How about that? Bernanke has been the Federal Reserve Chairman for the last FIVE Years. And By the way, Ben is a conservative, and exercised a governmental hands off approach to the financial industry. And see where it lead us? OUR MONEY BAILED THEM OUT!

[pensacola8-2009]

Bernarke is not incompetent by any extent of the imagination. The decision to stall or deny his confirmation as purely retaliatory and political. I am a liberal, but nothing in my mind opposes his confirmation.

The problem with tight credit economy for consumers while extended practically interst-free money to banks to clear the red numbers off their banksheets is only a temporary one.

Although it doesn't seem fair at face value, the alternative - nationalization of the banking system and complete loss of the middle class, would have been a choice that left us much worse off.

If Bernarke is not confirmed, his replacement wont be able to change much of the monetary policy for the immediate future. When Banksheets are back in the black, then credit can be loosened and accelerate the economic recovery. That is the way it will be - like it or not.