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Feingold, Boxer, Dorgan oppose second term for Bernanke

Updated 1:17 p.m.
From wire reports
Three more senators, Sens. Barbara Boxer (D-Calif.), Russell Feingold (D-Wis.) and Byron Dorgan (D-N.D.), announced Friday their opposition to a second term for Federal Reserve Chairman Ben Bernanke.

"It is time for a change," Boxer said in a statement. "Our next Federal Reserve chairman must represent a clean break from the failed policies of the past."

Feingold said, "Under the watch of Ben Bernanke, the Federal Reserve permitted grossly irresponsible financial activities that led to the worst financial crisis since the Great Depression."

Dorgan is upset that the Fed has kept secret the identities of firms that took out emergency loans.

Two senators have already announced their opposition to Bernanke.

Sen. Bernie Sanders (I-Vt.), a liberal like Boxer and Feingold, 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.) was the only senator to vote against Bernanke's first confirmation, after he was nominated by President George W. Bush.

Bernanke's four-year term expires on Jan. 31. A date for a Senate vote on his renomination has not been set.

The announcements have Senate Democrats scrambling to do head counts.

Don Stewart, spokesman for Senate Minority Leader Mitch McConnell (R-Ky.), said that Democrats had asked Republican leaders to do a whip count to measure support among Republicans.

By Post Editor  |  January 22, 2010; 1:10 PM ET
Categories:  44 The Obama Presidency , Capitol Briefing  
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Oregon Senator Jeff Merkley has also expressed his opposition to Bernanke's re-appointment.

He's also a member of the Banking Committee.

Posted by: punkiedrewster | January 25, 2010 1:39 PM | Report abuse

Speaking of the Great Depression, has anyone noticed the number of giant corporation that have been shut down in, (Rock County, Wi.) Alcoa, Simmons mattress, Motorola, General Motors, Beloit Corp, Several Grocery stores, an entire mall, and the list goes on! I ask; what activities?

Posted by: B1205744 | January 23, 2010 3:31 PM | Report abuse

Bernake Bernake oh Bernake.

How are you going to explain this at the next Bilderberg meeting?

Its true the Fed Reserve was started in Europe and backed with the Euro - the more things change the more they stay the same. The same is true today. Pronounce: "Warburg Funds".

Paul + Warburg + Federal Reserve: SEARCH

Posted by: BILDERBERG | January 23, 2010 12:29 AM | Report abuse

There may be debate back and forth on whether the big deal worked or didn't work, but there is a broad consensus that the Republican party policies under Hoover, when hundreds of institutions were allowed to fail while the Fed did nothing, caused the great depression and that financial collapse.

Once again, the policies that so many conservatives advocate, to just let all institutions fail without regard to consequences, previously caused a decade of financial ruin.

As a student of the great depression, Bernanke realized this and stepped up to the plate briskly, making our current economic situation much better than it would have been.

The financial environment that Bernanke inherited caused the mess. To blame him for not changing the entire financial system before it inevitably collapsed is just stupid.

Posted by: reussere | January 22, 2010 3:10 PM | Report abuse

The Federal Reserve Board is said to be an independent agency. Yet it's membership is made up by a vast majority of bankers, and other insiders in the financial industry. While that may appear independent to the president and some members of congress, there is no possibility that it is independent of what bankers want. The proof of that is obvious. Just look at who got all of Bernanke's goodies at taxpayers' expense. And before that, look at who was not supervising the financial industry. Some say they were not doing their job. I beg to differ. They were doing exactly what they believed their jobs intended--bail out bankers' no matter how badly they behave. And keep right on doing it again and again.

Bernanke needs to go.

Posted by: infuse | January 22, 2010 3:04 PM | Report abuse

Bernanke and Geitner should both tell the American public to take these jobs and shove them.

Let's get this straight.

The average American is a slovenly, overweight PIG who spends more much than he can afford, saves NOTHING, and hocks all he owns to do indulge his every whim.
Yep, you name it, Joe the Plumber has it. $5,000 TV's, Premium Cable, Digital Phones, IPODS, MACS, SUV's, SIRIUS Radio, Howard Stern. If it is vile and disgusting, Americans love it, and pay money they don't even have to get it.

(And probably cheats on his taxes, to, like Joe the Plumber does!)

Then, when something goes awry, it always the GOVERNMENT's fault!

Tim and Ben, screw the lot of them. Take a fat consulting job and hit the beach for a few months. You've both earned it.

While your're on the beach, we'll let Joe the Big Mouth Plumber choke on his debt.

Cough. Gag. Hack. Goodight Joe. Don't worry if you didn't save a dime for retirement. You'll die of a heart attack decades before then, anyway, you porker.

Posted by: trenda | January 22, 2010 3:01 PM | Report abuse

For sure, Senator Chris Dudd (sic?), head of the Banking Committee and soon to retire, would be an excellent choice. No?

Posted by: HassanAliAl-Hadoodi | January 22, 2010 3:00 PM | Report abuse

For sure, Senator Chris Dudd (sic?), head of the Banking Committee and soon to retire, would be an excellent choice. No?

Posted by: HassanAliAl-Hadoodi | January 22, 2010 2:57 PM | Report abuse

* Good message of accountability to send out. It is a mild rebuke, but not an excessive price, considering that Bernanke can remain a governor at the FRB, just not the chairman. It is ironic that the scholar on the Great Depression found himself as a key decision-maker contributing to both the causes and solutions of the greatest financial crisis since the Great Depression.

* Obama's credibility will increase if Bernanke, Geithner, Dodd, and Frank leave their posts, if Fannie and Freddie are swept out of the house instead of under the rug, and if the too-big-to-fail firms are either divested or allowed to fail.

Posted by: elena2 | January 22, 2010 2:57 PM | Report abuse

It seems like Feingold is the only Senator who is consistently and ardently on the side of the American people.

Posted by: tohara1 | January 22, 2010 2:57 PM | Report abuse

moebius22 wrote>>>Bernanke and Geithner need to go.


Posted by: angie12106 | January 22, 2010 2:50 PM | Report abuse

this is important news, all the others complaining about not reporting whatever red herring events, if you don't have a solution to this financial mess, then i advise you to stay out of my way and interfere with my business...go ahead, make my day.

Posted by: SofaKingCool2009 | January 22, 2010 2:48 PM | Report abuse

Too Big to Fail == Too Big to Exist.

The only Good Ayn Rayynd is a Dead Ayn Rayynd.

Posted by: clearspt | January 22, 2010 2:43 PM | Report abuse

Who is behind the FED?
...Private Owners who set the Ponzi Scheme.

Let's see the list of ownership.

The Fed ''loans'' money to the US Treasury at certain interest rates.

"Fractional lending'' practices that were illegal in earlier civilization.

Mr. Ponzi represents his Ponziists.

Madoff? "Big Banks?" Look behind the curtains at the world's Biggest Bank -the so-called FED.

(Americans are and have been led to believe the FED is the US Government. WRONG! Under private ownership. Go there and find the truth.

Posted by: Accuracy | January 22, 2010 2:36 PM | Report abuse

Who is behind the FED?
...Private Owners who set the Ponzi Scheme.

Let's see the list of ownership.

The Fed ''loans'' money to the US Treasury at certain interest rates.

"Fractional lending'' practices that were illegal in earlier civilization.

Mr. Ponzi represents his Poniziists.

Madoff? "Big Banks?" Look behind the curtains at the world's Biggest Bank -the so-called FED.

(Americans are and have been led to believe the FED is the US Government. WRONG! Under private ownership. Go there and find the truth.

Posted by: Accuracy | January 22, 2010 2:36 PM | Report abuse

There are a couple of hundred thousand people marching down Constitution Avenue advocating an end to abortion and overturning Roe v. Wade.

They include "Roe" herself, who was exploited by the pro-abortion crowd way back in the 1970s.

The POST won't even mention it, of course. But ignore the POST and celebrate life, adoption, and alternatives to abortion.

Posted by: chrisinwien | January 22, 2010 2:35 PM | Report abuse

Oh yeah,

One other bonus of nationalism growing up to globalism.

Terrorism just disappears into the dark night from whence it came.

No more nation state? Why no more target - no target ? Hey - What are we talking about again ? (line from Chicken Little).

Tim Miltz

Hmm- maybe it's a good thing Goldman helped sink the US economy through greedy speculation on their zero equity loan products, unknowingly they helped take down a nation state so we could all experience peace for once.

Oh yeah, another bonus, no nations ? no wars. Gee- this globalism is starting to look brighter and brighter, no WONDER the GLOBAL corporations are THRIVING.

Posted by: ItsGlobalismHereOnOut | January 22, 2010 2:34 PM | Report abuse

Bernanke and Geithner need to go.

Posted by: moebius22 | January 22, 2010 2:31 PM | Report abuse

Hey, if you can get him ?

I'd put Hans Timmer in for Chair of the Fed.

Now there's a guy who knows what's going on.

Or maybe Phillip Suttle.

Really, ANYONE on that board for World Economy 2010. They're all class acts.

Tim Miltz

Posted by: ItsGlobalismHereOnOut | January 22, 2010 2:31 PM | Report abuse

And thusly the desertion of the Obama agenda and/or camp begins. Both sides of the aisle are looking to save their political rear ends, and the payoffs that comes with holding office, before the November elections. If the polls are correct a LOT of members of congress are gone.
Obama is for all practical purpose a lame duck looking for anyway he can to save his hide and avoid impeachment or being totally ignored. Once the real quarterly unemployment numbers are released and Wall Street tells him to go away that is it. So much for 'change.'

Posted by: KBlit | January 22, 2010 2:31 PM | Report abuse

I've studied Alan Greenspan a good bit, which means a little bit, as the more I know, the less I know.

But Alan said he was wrong, that no regulation was a mistake.

However, you HAVE to understand Alan. He is an idealist, he really believed markets would set themselves, and they would, IF no criminal mindsets entered the picture.

I really like Greenspan's comments on even regulation regarding illegal drugs. He points out, as soon as you regulate, you have a black market economy emerging. In the end keeping drugs illegal perpetuate the black market trade.

Personally, I have a model that will work I think. I say legalize all manufacturing and trafficking of all drugs, just put the cost to the user, make it HEFTY, as in a hefty prison term OR say, a $100k fine or something. THAT will deter people from using AND at the same time dissolve most inner city gangs - almost over night. They will all have to find real jobs.

AND all that money sucked out of the economy for drugs- my god.

As to Bernanke - he's not even close to Greenspan.

President Obama is right though on one thing- it will NEVER be business as usual again.

Corporate banking just trumped nationalism.

Clearly - according to Bernanke that if Merrill Lynch failed ? the US fails with it - and now ? it's merged with Bank of America - HA - I emailed David Kris over at National Security Division at DOJ - they never write back over there, OR at the White House - but I'd call BofAML a SERIOUS threat to national security, but I'm already fishing upstream, I already see as Alan Greenspan says - we are already living in a global economy, it's here - globalism. And I DO like that we're finally moving on, for one ? No nation state model ? Hey kiss nuclear weapons goodbye -and that's a big win for the kids right there.

BIG win. WELL worth growing out of nationalism on THAT one alone.

Now, if I can find a $7 an hour job today, 3 months, NOTHING yet. NO income, NO unemployment insurance, ZILCH - internet gets cut off in a couple days - I honestly don't know what I'll do. I guess pretend I'm a Christian and go to all the churches, I hear the Salvation army can help with $ in times of crisis, maybe I'll look them up.

I WAS lead developer on what I'd say is the most advanced banking analytics query engine in the US - that contract died when Bank of America pulled the loan. Six years of work - down the drain.

Irony ? the software could have helped them.

Tim Miltz

Posted by: ItsGlobalismHereOnOut | January 22, 2010 2:29 PM | Report abuse

"A new Rasmussen Reports national telephone survey finds that only 21% of adults believe the president should reappoint Bernanke to another four-year term."

The public has spoken. When the loony-left d-crat socialists do re-appoint this incompetent wall street suck-up, yet another nail will be hammered into their 2010 and 2012 coffins.

Posted by: TeaPartyPatriot | January 22, 2010 2:25 PM | Report abuse

I watched this video on c-span:

World Economy 2010.

I suggest everyone watch it who is interested in well- the world economy.

Just a FEW minutes of listening to Hans Timmer of World Bank ?

I realized Bernanke is NO Greenspan, he does play the 'calm' part though, but he adds that little girls voice, it's as if he knows he doesn't belong in the seat.

But - Compared to Timmer ? Bernanke is an undergrad intern.

Check it out, it's highly educational.

Timmer talks about things that SURELY WILL shape the US economy that I don't hear Bernanke speculating on.

Sorry Ben, Princeton Economic Chairman, sure, but you're not cut out for this job and you know it. If glory and being seen as Chair of the Fed is all you want ? hey - take your winnings and leave the casino. You tested the waters, face it - we need someone with a little more experience than a post doctoral paper on the great depression - which is about the only thing I ever hear you talk about - your damned doctoral thesis.

Tim Miltz

Posted by: ItsGlobalismHereOnOut | January 22, 2010 2:21 PM | Report abuse

We need a new start. Reappointing the man who lavished money on banks that should have been allowed to collapse is not the way to go. Let Bernanke go back to being a college professor and find someone who won't be in the pockets of the big banks.

Posted by: edwardallen54 | January 22, 2010 2:18 PM | Report abuse

Thank God.

Go Senator Boxer.

I hope I see you on the next Presidential ticket, President OR Vice President.

No point in living if we don't respect our environment- and that you do.

Thanks for all your hard work.

I don't live in California, but I watch from afar in Pennsylvania.

Tops in my book.

Tim Miltz

An idea I had before 2008 election was a Biden Boxer ticket.

Perhaps ?

Bush may have said no child left behind, and they were, but you have said all children deserve a healthy environment to grow up in free of health threats, and for that - future generations will thank you without ever knowing you.

Posted by: ItsGlobalismHereOnOut | January 22, 2010 2:17 PM | Report abuse

Bernanke got off to a slow start in realizing that we were facing a tough finanical situation, but everyone was.

Bernanke made the changes and implemented the steps that brought us back from the brink....

Bernanke is extremely experienced at this now.

The last thing we need is for Obama to pick another clueless left-winger from one of our colleges, Hollywood, or our left-wing press to replace Bernanke.......

Notice the folks opposing him are all left-wingers.....Boxer, Feingold.......

Posted by: allenridge | January 22, 2010 2:08 PM | Report abuse

First good news I've read all day.

This is why you have to keep the current rules in the Senate. As maddening as they can be it can occasionally be the only protection citizens have from seriously bad decisions.

Posted by: theobserver4 | January 22, 2010 1:58 PM | Report abuse

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