In a post on his Senate Website, Senator Bernie Sanders announced a Hold on Bernanke’s nomination:
"The American people overwhelmingly voted last year for a change in our national priorities to put the interests of ordinary people ahead of the greed of Wall Street and the wealthy few," Sanders said. "What the American people did not bargain for was another four years for one of the key architects of the Bush economy."
More below the fold:
Sanders goes on to list the reasons for this move, citing actions and inactions by Bernanke and concludes his statement with:
"Mr. Bernanke has failed at all four core responsibilities of the Federal Reserve," Sanders concluded. "It’s time for him to go."
More about Sander’s hold from the NYT here. The times reports that Bernake seems to be losing confidence with at least a few other Senators as well.
As a non-economist, I can’t comment objectively on Bernanke’s performance. I just saw the news and didn’t see any diaries posted about this yet, so here it is if anyone more knowledgeable than me cares to comment on this latest development in the Bernanke nomination process.
Here’s the view of one economist Nassim Taleb, the "Black Swan", regarding the possible reappointment of Bernanke:
"...What I am seeing and hearing on the news -- the reappointment of Bernanke -- is too hard for me to bear. I cannot believe that we, in the 21st century, can accept living in such a society. I am not blaming Bernanke (he doesn't even know he doesn't understand how things work or that the tools he uses are not empirical); it is the Senators appointing him who are totally irresponsible..."
Update: MarketWatch's take on outcome of Bernanke confirmation vote:
...Sanders' hold could delay the vote on Bernanke's confirmation, but likely won't derail it. The hold means the Democratic leadership would need at least 60 senators to agree to bring the nomination to a vote, instead of the 50 needed without the hold...
Bernanke is likely to survive the Senate battle over his confirmation, but in all likelihood the central bank won't emerge unscathed, Fed watchers said Wednesday...Senators will not oppose Bernanke because of uncertainty over what the markets would do or who the White House might appoint in his place...
The confirmation process may drag into next spring...Greg Valliere, chief policy strategist at Soleil Securities in New York, predicted Bernanke would win confirmation on a vote of 80-20...
(BTW, first time on Rec. List--thanks.)