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Senator Sanders to put “hold” on Bernanke’s nomination.

3 December, 2009

from the Associated Press, via NPR here:

Irked by the Federal Reserve’s bailout of Wall Street, Sen. Bernie Sanders of Vermont said Wednesday that he will seek to block the Senate from confirming Ben Bernanke to a second term as chairman of the nation’s central bank.

By placing a “hold” on Bernanke’s nomination, the Senator will force the full Senate to vote to overrule his decision.  Perhaps, it will allow more voices to be heard in opposition to the nomination. Certainly, there ought to be a huge public outcry about the use of stimulus funds to support financial institutions who then failed to pass along even part of benefits they received at the expense of taxpayers.  The FED has too long been able to hide all its actions and has clearly this time failed to protect the economy of this country from the sharks who would willingly tear the populace to shreds in order to pocket an extra billion or so.  Were the government and the financial system not so tightly interwoven, it is likely that this crisis might not have played out as it did.

Failure is Not Success.

Financial institutions should be allowed to fail if they are not fiscally responsible; car companies should be allowed to fail if they can not build a car people want.  Certainly, the richest 2% of this country should not have been able to increase size of their hoard as a result of the schemes the FED allowed to play out and the special treatment accorded their friends.  Sanders says it in his statement to the Associated Press

“The American people are disgusted with the greed and recklessness of Wall Street …. People are asking why didn’t the Fed intervene at the appropriate time to stop the casino-type activities of large financial companies,”…

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Sanders said Bernanke should have done more to help struggling Americans, such as demanding that bailed-out banks cut interest rates on credit cards.

One of the biggest grievances of the public — and their representatives in Congress — is the government’s bailout of Wall Street. The multibillion-dollar bailouts of American International Group and other financial firms that continued to hand out huge bonuses sparked fury. They’ve also fueled worries that the Fed’s moves will encourage further reckless bets by companies in the future.

Bernanke, (as I mentioned in a recent previous post) will defend his actions and warn of the dangers of making the FED accountable.  Why not, no one wants to be held accountable for his own actions or make them public – especially if it concerns money.  No doubt Bernanke will receive the 60 votes necessary to confirm his nomination; there are enough Senators in the Capital who share the fear of public disclosure.  But the delay may cause them to reconsider their options.  Some of them, at least, will have to face their constituents this year.

The question is this:   Can voters make their voices heard in the Senate and hold their Senators accountable for the actions of the past year?

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One Comment leave one →
  1. 6 December, 2009 21:15

    No, voters will not be able to make their voices heard at this time.

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