Bernanke: I saved the economy. Give me another term

July 21, 2009

This from Mike Feroli of JPMorgan (bold is mine):

Beyond the issues surrounding the economy and exit strategies, another aspect of the testimony that was of interest was the political angle. Bernanke made his strongest case to date that Fed actions have helped prevent what could otherwise have been an economic catastrophe. His very first sentence of the testimony read “Aggressive policy actions taken around the world last fall may well have averted the collpase of the global financial system.” After listing the notable imporvements in credit markets, he goes on to say “Many of the improvements in financial conditions can be traced, in part, to policy actions taken by the Federal Reserve to encourage the flow of credit.” These statements should be seen in the context of the whithering criticism of the Fed’s conduct of policy, some of that criticism coming from within Congress.

Me: Interestingly, the betting markets dropped the chances of Bernanke’s reappointment to 67 percent, down 3 points.


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I’m sorry, but I have a hard time seeing how anyone could possibly think he has a shot at reappointment. He’s probably just trying to save any last remnant of a career. He’s entitled to that. Everyone deserves a second chance…but with that much power and opportunity to mess it up again? Doubtful.

Posted by Kelsey Bentkowski | Report as abusive

The arrogance or spinelessness of the elected representatives of the people in this country, including the President, who allow the bankers of this country who control the Federal Reserve to dictate to the taxpayers of this country what they will or will not report is in violation of the bill of rights to the constitution and should be enough to remove the lot from office and throw the bankers in jail.
Every year the citizens of this country are asked to give their property (taxes) to the government and most of us do with for one reason and one reason only…faith in a representative government. Our government has given money to the Fed who then is not accountable to what it does with the citizens property. OUTRAGEOUS.

Posted by ct | Report as abusive

this persons you all call bernanke and geither paulson they are all people that cause all this mess that where all in and the funny part about all this is that the people that are over this deceitful humans just turn there heads away like nothing happen and how can bernanke tell us about employment when all he is a privatily own banker,you all got to be joking,is this real,this is one big nightmare,will this ever end.

Posted by james | Report as abusive