Not So Fast, Zimbabwe Ben: Bernanke Confirmation Gets C*ckblocked in the Senate


so. much. win.


Ed Andrews has the scoop at NYT (and WTF, EA, do you ever sleep?!):

Senator Bernard Sanders of Vermont said on Wednesday that he would try to block the Senate from confirming Ben S. Bernanke to a second term as chairman of the Federal Reserve.

The move is unlikely to derail Mr. Bernanke’s reappointment, but it could slow the confirmation process and give the Fed’s critics additional opportunity to press their case. As a practical matter, it means Senate Democratic leaders will have to line up 60 votes in favor of Mr. Bernanke rather than a simple majority at a time when the Federal Reserve is under increasing populist attacks from lawmakers on both the right and the left.

Mr. Bernanke will testify on Thursday at his confirmation hearing before the Senate banking committee. He is expected to face criticism for not doing more to prevent the financial crisis, and calls by some lawmakers for a sharply reduced regulatory role in the future.

Mr. Sanders, an independent, is not a member of the Senate banking committee, but he has frequently accused the Federal Reserve of bailing out Wall Street firms and the banking industry at the expense of ordinary citizens.


Well what the hell? Can't we get a larger, more important Congressional cockblock here?

The Bernanke reconfirmation is a damned if we do, damned if we don't trap. Our alternative was Larry Summers so let's just thank our lucky stars for a second Bernanke term knowing it could be a whole hell of a lot worse. But ignoring that, 4 more years of Zimbabwe Ben sent a giant fuck you echoing across the Pacific (don't look at me, I barely talk to the Chinese and live 46 blocks from the ocean) to China and they can't be too happy about this. It's not like they actually enjoy debasing their own currency, do you think they derive some sick pleasure from having Geithner's bitch ass accuse them of currency manipulation?

Pffffft LMAO!

We could never win. I'll actually take a delay right now, it gives the growing Congressional Fedbashing contingent time to regroup and get a few more pairs of Fed cojones on their chopping block. The Fed has always been a monster of Congress and it's about time they clean up what they let fester over there on Constitution Avenue (the Fed is dripping with irony if you care to look for it, its location is just one example.)


Congress seems to be trying all sorts of anti-Fed stunts, let them do it while we argue about Zimbabwe Ben for a bit. I'm down for that and might have something to add to that particular conversation. Who cares if Bernie Sanders doesn't have the largest Congressional cockblock in his arsenal? It's a cockblock none-the-less.

Besides, the longer we delay this, the more time we have for the veil to drop on the Fed's elusive "exit strategy" (if I asked you to bring me a unicorn and bring me a blueprint of the Fed's exit strategy, I bet you'd find the unicorn first. Can someone get on that? You have 10 days until my birthday, hurry up). Once it becomes obvious that they have no such weapon, I think the Bernanke confirmation issue will be the least of the Fed's concerns.

It's getting old now.

Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.

3 comments:

Temo1051 said...

I find it strange to be on the same side of the issue as Bernie since I consider him to be a Socialist but when someone is right its hard to disagree.

If I have learned one single thing from what I've ever done here on JDA, it's that politics don't matter right now. I'm not sure if they ever did. I don't give a fuck who steps up and cockblocks Bernanke, it could be Nancy fucking Pelosi (uhhh.... ) and I would cheer.

So you go, Bernie the damn Socialist prick, go get ZB's ass.

Just my $0.000002

Anonymous said...

I think this is a storm that has been brewing for a long time. Snow (Treasury Secretary within the Bush Admin.) was trying to get the Chinese to stop pegging the yuan to the dollar several years ago and got no where. What goes around comes around.

You can still find articles going back to 2002 and 2003. The Chinese knew what they were doing (in my opinion) and disregarded the U.S. calls for allowing their currency to float. From my view, it looks as though we are offshoring our inflation to them. Don't get me wrong, I don't like getting paid next to nothing to park cash in a bank account or money market fund, but in terms of cost of living, my actual amount spent per month in all areas for the past year have remained the same or less as less last year. I'm too chickenshit to go into emerging markets for my retirement account in spite of one fund returning 60% y.t.d. because I believe it is a house of cards ripe for a very big correction. Just an opinion, but go back and look at the news accounts of Snow's trips to China - they blew him off and just kept up business as usual.

http://www.inc.com/news/articles/200511/yuan.html

Jeff