Monday, November 23, 2009

Something to look forward to:

At TAPPED, Tim Fernholz writes:
Why Not Withdraw Ben Bernanke's Nominantion?

I was talking to a colleague the other day about the lack of Federal Reserve attention given to unemployment, and noted that now more than ever, President Barack Obama's decision to nominate Federal Reserve Chair Ben Bernanke for another five-year term seems like a bad one. But all is not lost! Bernanke hasn't had confirmation hearings yet -- they will likely begin next week -- and he certainly hasn't passed a confirmation vote yet.
There's a lot of pent-up anger at the Fed for a variety of reasons and the confirmation hearings could get lively. Ben will be asked (again) about what happened in 2008 (BofA, AIG, Goldman Sachs) and also the various moves this year which, while they may have an ameliorative impact, can't continue and ending them could cause lots of problems (e.g. the 1 1/4 trillion purchase of MBS).


Post a Comment