Nbadan
12-06-2009, 04:43 PM
Hold on Bernanke...
“The American people overwhelmingly voted last year for a change in our national priorities to put the interests of ordinary people ahead of the greed of Wall Street and the wealthy few,” Senator Bernie Sanders said. “What the American people did not bargain for was another four years for one of the key architects of the Bush economy.” That’s why Bernie placed a hold on the nomination of Fed Chairman Ben Bernanke, a move that slows down and could block his confirmation. He talks about why he hopes the president will name a new Fed chief in his weekly Web video
O3tTlb0s6Bs
So the very simple question that the American people are asking is, where was the Fed, where was the chairman of the Fed, in terms of observing the recklessness, the speculation, the casino-type activities that were taking place on Wall Street, which precipitated this major economic decline? And the answer is, the Fed was asleep at the wheel. Bernanke did not do the job that he was supposed to have done. So, for that reason alone, Mr. Bernanke should not be reappointed. - Senator Sanders
Let me begin by saying that I think Senator Sanders was wrong in only one respect: it wasn’t that the Fed was asleep at the switch; they were actually complicit. And by that, what I mean is that the Chairman, Ben Bernanke, and Tim Geithner, when he was the president of the New York Fed, actually built and participated in creating the structure that now has collapsed. And that, I think, is what is so problematic to so many of us. They are now claiming credit for having taken trillions of our tax dollars and given those dollars back to the banks to return them to solvency, when the initial bankruptcy and the initial illiquidity and the initial crisis was very much a consequence of the very policies they put in place. - Eliot Spitzer
“The American people overwhelmingly voted last year for a change in our national priorities to put the interests of ordinary people ahead of the greed of Wall Street and the wealthy few,” Senator Bernie Sanders said. “What the American people did not bargain for was another four years for one of the key architects of the Bush economy.” That’s why Bernie placed a hold on the nomination of Fed Chairman Ben Bernanke, a move that slows down and could block his confirmation. He talks about why he hopes the president will name a new Fed chief in his weekly Web video
O3tTlb0s6Bs
So the very simple question that the American people are asking is, where was the Fed, where was the chairman of the Fed, in terms of observing the recklessness, the speculation, the casino-type activities that were taking place on Wall Street, which precipitated this major economic decline? And the answer is, the Fed was asleep at the wheel. Bernanke did not do the job that he was supposed to have done. So, for that reason alone, Mr. Bernanke should not be reappointed. - Senator Sanders
Let me begin by saying that I think Senator Sanders was wrong in only one respect: it wasn’t that the Fed was asleep at the switch; they were actually complicit. And by that, what I mean is that the Chairman, Ben Bernanke, and Tim Geithner, when he was the president of the New York Fed, actually built and participated in creating the structure that now has collapsed. And that, I think, is what is so problematic to so many of us. They are now claiming credit for having taken trillions of our tax dollars and given those dollars back to the banks to return them to solvency, when the initial bankruptcy and the initial illiquidity and the initial crisis was very much a consequence of the very policies they put in place. - Eliot Spitzer