Are you going to vote for Wall Street or Main Street?
That’s the main question this week as the full Senate prepares to vote on the re-nomination of Ben Bernanke as Chairman of the Fed, whose term expires on January 31.
Last month, he won support of the Senate Finance Committee 16-7. But his re-nomination is now up in the air, after a couple of leading Democrats came out against him.
Their beef is that Bernanke was asleep at the switch, aware of but doing nothing about the reckless financial schemes on Wall Street that led to the collapse of the economy in October 2008. And that he’s done little since to correct the problems.
Senator Russ Feingold thundered: “Under Chairman Bernanke’s watch, predatory mortgage lending flourished, and ‘too big to fail’ financial giants were permitted to engage in activities that put our nation’s economy at risk.”
And Senator Bernie Sanders added: “Democrats and President Obama are putting their credibility on the line if they think they can criticize Wall Street and big banks one day and then turn around and support Bernanke, Wall Street’s candidate, the next day.”
Senator Barbara Boxer also announced her opposition.
And I think Feingold, Boxer, and Sanders are right. Dump Bernanke. You can’t count on the guy who ignored the mess then – to fix it now.
That’s my parting shot for today.