Bernanke's Reappointment Campaign Begins

And so Ben Bernanke’s reappointment campaign begins:

June 23 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke will defend his unprecedented actions to prevent a financial collapse as debate on whether he should be reappointed begins.

Bernanke, whose term expires Jan. 31, faces lawmakers at a hearing this week on steps to aid Bank of America Corp.’s takeover of Merrill Lynch & Co. as Congress increasingly questions the Fed’s interventions. The session comes after a two-day meeting on monetary policy that starts today.

Larry Summers also a possibility, Bloomberg reports. Am not sure if a former member of Committee to Save the World would be right guy for the job, considering that the other two people on the committee haven’t exactly turned out to be the geniuses everyone thought they were at the time. Plus, Summers doesn’t obfuscate well. . . .

In any event, Intrade lately puts odds of Bernanke keeping job at 60%. . . .

Comments

[Dave Wrixon:]

I don't think they dare sack Bernanke lest some of the truth actually started to emerge. If they let him go they would have to kill him.

Jun 24 07:31 AM

[y1531y:]

His hope would be reduced if the inflation coming at the time of his re appointment.

Jun 24 08:43 AM

[swaps:]

Both Bob Chapman and Harry Schultz are reporting that U. S. embassies around the worldlhave been told to buy local currencies where the operate - enough local money so they can operate for a year.

I believe Chapman is also forecasting that this money is being stockpiled because a bank holiday may be declared in this country in September.

The fact that these reports are even circulating is further proof that Greenanke have been total failures.

The Federal Reserve manages the nation's money machine. They have mismanaged big time. Only the crooks who are benefitting from this want to keep their boys in place.

Amazing that the Congress is so myopic they remain clueless. But then, the Fed is a private bank outside their domain. The appointment of any Fed chairman is just a sham anyway.

It becomes ever more clear why the Russian czar resisted a central bank, of course it cost him his life.

Jun 24 10:26 AM

[Steve Soden:]

By the time Berneke gets to 1/31/10 he'll be toast.
Watch out for October or sooner.
Obama wants Larry to take a spin, he'll be given the job to deleverage things all together and Berneke and Greenspan will take the hit.
Mister Depression will be told he shoud of let the system fail and then start over.
Coruption continues to rule our system.

Jun 25 05:32 AM

[secmaven:]

A thankless job! Why would the burn man want reappointment?

Jun 26 02:04 AM