My Comments on Bernanke : Ben Bernanke is not qualified to be Fed Chairman no more than Allen Greenspan was,. Either both of them had as an agenda to destroy the American economy or they’re just incompetant, . Here;s an example,.. In the confirmation hearing the other day ,. Senator Testor from Montana , asked Bernanke , “What qualifies a loan as a good loan” Bernanke had no credible anwser. He finally got around to saying that a good loan was one that was paid back. What was obvious from Bernankes testimony was that he does not understand the relation ship between Interest Rates and Free Market Principals,.. He stated that zero interest rates were good for the banks. The banks he was talking about was Goldman and Citi. He said low rates made it advantageous for them to buy Government Insured Bonds,.. I beg your pardon, thats not the purpose of a Bank,.. Mabye an Investment Company , but not a bank,. That is exactly why we need Glass Steagl back in to law. What he fails to understand is that banks need to loan , money from customers savings and make the spread,.. He thinks that by printing cheap paper, he is making it easier for consumers to borrow. When all he is doing is driving down the value of the dollar. This guy has never created a job, or ran a bank, he is an academic pure and simple. No way he should see another term running the printing press. Better make the calls Ben, the next semester starts in January.
December 3, 2009 - WASHINGTON, D.C. – Today, U.S. Senator Jim DeMint (R-South Carolina), chairman of the Senate Steering Committee, announced this morning that he will oppose the nomination of Ben Bernanke to serve a second term as the chairman of the Federal Reserve Board. Senator DeMint made the announcement after Bernanke’s confirmation hearing before the Senate Banking Committee, and pledged to object to floor consideration of the nomination until the Senate votes on S. 604, the Federal Reserve Sunshine Act of 2009.
“Ben Bernanke is an intelligent and well-intended public servant, but the fact is the Fed has failed the American people during his tenure as chairman of the Federal Reserve Board and I cannot support his nomination for a second term,” said Senator DeMint. “Americans want a new Fed chairman who is willing to provide transparency into the Fed’s actions, who is willing to accept responsibility for the Fed’s mistakes, and who is willing to support true monetary reform that guarantees the soundness of our money.
“Mr. Bernanke has been one of the chief proponents of the Fed’s easy money policy that created the current financial crisis. He ignored asset bubbles, dismissed concerns about the weakness of the dollar, and helped encourage the credit mania that led to the financial panic. Even worse, Mr. Bernanke has refused to accept any responsibility for his role in these actions prior to financial crisis.
On July 6, 2009, Senator DeMint attempted to get a vote on S. 604, which would remove restrictions on auditing the Fed’s discount window operations, funding facilities, open market operations and agreements with foreign central banks and governments. The vote was blocked but Senator pledged to keep fighting to force the Senate to vote on the measure.
“I will also object to floor consideration of Mr. Bernanke’s nomination until the Senate votes up-or-down on the Federal Reserve Sunshine Act. This bipartisan legislation, sponsored by Senator Bernie Sanders of Vermont, has over thirty cosponsors and would allow the Government Accountability Office to conduct a full audit of the Federal Reserve. Americans deserve to know how their money is being managed so these mistakes never happen again.
“Under Mr. Bernanke’s leadership, the Fed has lent several trillion dollars to failing financial institutions that should have been held accountable by market forces. The total amount of these bailouts exceeds the entire annual budget of the United States. Yet the public has not been given adequate information about these bailouts. In fact, Mr. Bernanke has the led the fight against bipartisan legislation in the House and the Senate to require a full audit of the Fed so Americans know what has taken place and what mistakes have been made.
“Mr. Bernanke’s failures extend beyond what critics like me of an overly powerful Fed have cited. He’s even failed his own standards. During his first confirmation hearing before the Senate in 2005, Mr. Bernanke outlined what he believed were the responsibilities of the Fed. On virtually every one, whether is was containing systemic risk, promoting the soundness of our banking system, or conducting monetary policy in a way that maximized employment, Mr. Bernanke has failed. We’ve seen systemic risk in our financial system like never before, the soundness of our banking system has been shaken to its core, and unemployment is now over ten percent,” said Senator DeMint.
