The American economy is a fragile beast. Any small change in policy can result in a large change in the way that would profoundly hurt us during this time of recovery. While I don't think anybody agrees with all of the things that have been taking place during Ben Bernanke's term as the head of the Fed, it would be a dramatic error to let him go.
As you can see in this video from his reconfirmation hearing, many of the Senators talk about the past at the Fed. Almost of the policies they touch on were initiated before Bernanke's time, and he has since begun to make moves to change them.
Bernanke understood that the measures he took at the time were made during extraordinary circumstances, and he does not want to go back to doing things they way they were done before.
While I don't always agree with Evan Bayh, he did make a good point this week when he talked about important confidence that Wall Street needs to have in order for it to be successful, and how this may affect that.
Some Democrats are worried that their party will overreact to the Massachusetts defeat. Sen. Evan Bayh (D-Ind.), who supports Bernanke, said that a Senate vote blocking his confirmation would rattle markets and destabilize the economy at a time when consumers need reassurance.
In my opinion, this is a case of politicians trying to play politics with the American economy. They recognize that the economy is back on the right track. They recognize that Wall Street, which the Fed is in charge of running, is once again being successful. Real change in Wall Street policies won't come from the Fed, but from Congress, in the form of financial regulation legislation. I believe that these Senators who are pledging to vote against is re-confirmation also realize the ramifications that this decision would make, and the impact it would have on our economy.