Tuesday, January 26, 2010
Sanders on why Bernanke should not be confirmed
Danny Schechter, the News Dissector, found this one. He did the work but I want to snip it for you. (Check out the News Dissector blog and please support his good work.)
Sanders Slams Bernanke:
The American people today are suffering through the worst economy since the Great Depression with 17.3 percent of the American workforce either unemployed or underemployed. Millions more have lost their homes, their savings, their health care and their pensions. At a time like this let me provide reasons why Ben Bernanke should not be confirmed as chairman of the Fed.
1) Not only was Mr. Bernanke first nominated to the Fed by President George W. Bush, but he served in the Bush administration as chairman of the Council of Economic Advisors. Let us never forget that the Bush years, even before the collapse of Wall Street, were an economic disaster for the average American. Mr. Bernanke, who was recently endorsed for reappointment by Alan Greenspan, played a major role in the deregulatory efforts that enabled major financial institutions to engage in reckless and illegal behavior. The American people gave us the responsibility to bring about change, not the maintenance of the status quo. Why, at this difficult moment in American history, should we reappoint Wall Street’s candidate as chairman of the Fed?
2) One of the main functions of the Fed is to maintain the safety and soundness of our financial system. No one can deny that Mr. Bernanke, as chairman of the Fed, was asleep at the wheel while Wall Street became the largest gambling casino in the history of the world and hurtled into insolvency – at enormous cost to our country. Not since the Great Depression has our financial system been as unsafe, unsound and unstable than under Ben Bernanke’s tenure as chairman of the Fed. Why should Mr. Bernanke be rewarded with reappointment after he failed so terribly to do his job?