“Job Review Time…for Bernanke” - December 3, 2009

Lots of job interviews going on in the country today. And unless it’s for you, the most important one happening today is in Washington for Ben Bernanke. The FED Chairman will be in front of the Senate Banking Committee for his conformation hearing to keep his job.

Bernanke has been a lightening rod for a lot of anger that Wall Street got bailed out and Main Street didn’t. In fact, Senator Bernie Sanders, an Independent from Vermont, and a long-term critic of the FED, has placed a “hold” on Bernanke’s nomination for a 2^nd term to try and block his reappointment.

He claims that “Bernanke has failed at every task assigned to the FED.”

Let me tell you why, in Mr. Sanders case, “I” stands for ignorant not independent.

(1) The FED had little choice last year but to pump enormous amounts of capital into the financial markets…which helped to avert an even greater global crisis than occurred.

(2) The FED did not cause this crisis. Wall Street and Congressional policies did. The FED was forced into the task of sweeping up the effects of greed and incompetence. And it did a good job. Maybe not the best, but Bernanke helped to pull the economy out of the deepest ditch since the Great Depression.

The Chairman will prevail in these hearings after some tough challenges. He will be reappointed, and that will be good for the economy and the country