Well we have banks that are too big too fail, of course Wall Street will totally collapse should they lose their "facilitator" in chief. At some point, is it legitimate to question the "holy" assumption that what's good for the DJIA (General Motors) is good for the U.S.A.? I can't help remembering the day Dubya "tricked" us for his last performance with: "pass the bailout or the entire world economy will collapse!" At some point we have to be a people with the courage to confront our problems head-on. Let this nomination be that day! And if it isn't, the consequences will likely be even worse than "Scotty" Gibbs can foresee, 'cause win, lose, or draw Bernanke (and Geithner) will likely become the scandal that breaks the Obama administration, period.
Hopefully, Harry Reid in his feckless torpor will not have the balls to schedule the vote for tommorrow. By this time tommorrow, Geithner and Paulson should be testifying to the House Oversight Committee and if anyone there bothers to ask the real tough questions about AIG and the Fed it should be the beginning of the end for both of the the Fed's Wall Street lackeys. They've fought transparency for a real good reason, we all know what it is: "backdoor bailout." Geithner's responses about AIG seem less credible than his confirmation tax shenanigans. He recused himself from direct negotiations? Common sense and telephone records give that the lie.
There's an excellent chance this will blow up now and finish off the hopes for a Bernanke confirmation. If not, then the eventual outcome will be worse for the Obama White House because in March the SEC civil case against Bank of America over the Merrill Lynch deal will show the Fed's Katzenjammer Kids up to more hanky-panky. So what's better Rahm and Ploufe, drop them now or later under duress?
How in the world did the White House and the Senate Dems allow themselves to become the public defenders for Wall Street? Not dropping Bernanke as a hot potato shows that the reaction to Massachussetts will not be substance, just politics. Once again, Not the Change We Voted For.