Almost twice as many no votes as Volcker who got 16 back in 1983. BB will have to tough it out against a Congress that wants to push the Fed around. Barney Frank, for instance, wants to kick the regional bank president off the FOMC since they are not confirmed by Senate — and are often to hawkish for his tastes.
If Mike Barone thinks so, so do I:
I have not seen a party’s fortunes collapse so suddenly since Richard Nixon got caught up in the Watergate scandal and a president who carried 49 states was threatened with impeachment and removal from office.
The White House political team loves comparing Barack Obama to Bill Clinton and Ronald Reagan, predecessors who easily won second terms despite early stumbles in their first ones. But the economic and fiscal pincers which constrain Obama are much tighter. None of the president’s proposals in Wednesday’s State of the Union speech can do much to free him.
It was a limited agenda outlined by a constrained president, constrained by the loss of a Senate supermajority, constrained by the Scott Brown win, constrained by his own falling popularity and constrained by investors whom he fears are reaching their debtload tolerance.