The Senate Drags Its Feet on Stuffing the Fed With Obama Appointees

Of course they don't bat nary an eyelash at the thought of Janet Yellen but somehow the guy with no real macro-economic experience is suspect. See what sort of people you have running your country, America? Just sayin.

Dow Jones:

The U.S. Senate failed on Thursday night to confirm three nominees to the Federal Reserve Board of Governors, meaning lawmakers won't act on the nominations until at least September when they return from the August recess.

Democratic lawmakers had sought to get the unanimous backing of all 100 senators to move forward with the confirmations, but failed to do so.

The three nominees are Janet Yellen to become vice chairman of the Federal Reserve Board of Governors, and Peter Diamond and Sarah Bloom Raskin to be members of the central bank's board.

Senators agreed to keep the nominations of Yellen and Bloom Raskin alive, but sent that of Diamond back to the White House.

I'd get mad about this somehow but they have been really fucking busy lately and I'd actually like to see this Fed-stuffing party get delayed as long as possible. Come on, they're jamming Janet Yellen in there at the Board, you don't see what's wrong with that?

As if the Obama administration had not rubber-stamped free easy money fuckyeahwoo! already, sending her over there was a clear signal of their intent. Toss in a couple more much-needed governors and you have a cheap money party. Obama's job creation awesome is sealed when Bernanke starts tripping about the falling asset prices (and yet somehow Maiden Lane is making a profit on paper... hmmm... nothing strange about that) and goes buying shit up just to keep it afloat. Look: the Fed bought a fucking mall because they owned paper on the mall and didn't want the paper to be worth less than it already was. PAPER. A blip. The blip was going to drop in value and God forbid anything actually be allowed to die on a balance sheet these days... theirs now. Oh sorry, "foreclosed on". Whatever. 

It also owned a loan to Crossroads Mall in Oklahoma City. Then, when the owners of the mall couldn't make the payments, the Fed foreclosed. So now it owns the mall, which includes a Chick-fil-A and an AMC theater.

The mall's for sale — cheap! "This lender owned distressed asset ... can be purchased at far below replacement cost," the listing says.

Keep dragging those feet, Congress, I have pretty much the next couple years to wait this one out.

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.