Posted on 12/19/2009 4:01:02 AM PST by Kaslin
Helicopter Ben Bernanke passed his reconfirmation vote in the Senate Banking Committee this week. But he passed by 16 to 7. Most of the Republicans voted against Bernanke, as did one Democrat, Sen. Jeff Merkley of Oregon. The reconfirmation now goes to the floor of the Senate, where it’s going to be held up for a while. (Sen. Jim DeMint and others are insisting that a vote on the Government Accounting Office’s audit of the Fed occur first.) But when the final vote happens, I think Bernanke could be in trouble.
Mirroring the Banking Committee vote, most of the 40 Senate Republicans may vote against Bernanke, and they will be joined by a number of Democrats. If Bernanke were to be opposed by as many as 35 or 40 votes, it would substantially undermine his credibility.
Whether it’s his past inflationary-bubble monetary performance, or the bank bailouts, or the AIG bailout, or the end to secrecy at the Fed, senators on both sides of the aisle are blaming Bernanke, fingering him as the wrong guy at the wrong time. And somewhere in that mix of opposition -- led by senators Richard Shelby, Jim DeMint, Jim Bunning, and others -- Republicans are gradually moving back to a Ronald Reagan–type, King Dollar, hard-money position that is in strong contrast to Bernanke’s dollar declinism.
(Excerpt) Read more at townhall.com ...
Why? It's a gig that pays pretty well. If I was in that position, I would only care about being confirmed. I sure wouldn't care who did the confirming.
It is likely he would be paid more as a full time professor. He only makes $191K as fed head.
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