Federal Reserve Chief Ben Bernanke Gets 2nd Term in Closest-Ever Senate Vote

Guess being Time’s “Man of the Year” gets you places in life. JEANNINE AVERSA and JIM KUHNHENN write on the AP via Yahoo News:

Embattled Federal Reserve Chairman Ben Bernanke won confirmation for a second term Thursday, but only by the closest vote ever for the crucial post and after withering criticism from lawmakers for bailing out Wall Street while other Americans suffered in recession.

The Senate confirmed Bernanke for a new four-year term by a 70–30 vote, a seemingly solid majority but 14 votes worse than the closest previous vote for a Fed chairman.

The battle over Bernanke’s confirmation has been a test of central bank independence, a crucial element if the Fed is to carry out unpopular but economically essential policies. Its decisions on interest rates can have immense consequences, from the success or failure of the largest companies to the typical home-buyer’s ability to get an affordable loan to the price of cereal at the grocery or gas at the corner station.

Created by Congress in 1913 after a series of bank panics, the Federal Reserve is an independent agency, supposedly outside politics, but its chairman is typically assailed by lawmakers and others when the economy falls and jobless ranks lengthen.

Read More: AP via Yahoo News

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  • 5by5

    “Guess being Time’s “Man of the Year” gets you places in life.”

    It got Hitler into a ditch covered in petrol and on fire.

    That little “honor” doesn't mean you've been a good boy. Just that you've effected people's lives. And Bernanke has done that. He and the rest of the market/mammon worshippers definitely effected people's lives.

    Adversely, to say the least.

    He should have been put on trial along with morons like Phil Gramm who created this FUBAR mess, and the Fed broken up entirely right along with the gargantuan banks (who STILL aren't lending to small businesses).

  • Anonymous

    Scum of the year….

  • GoodDoktorBad

    Scum of the year….