(Thumbnail image: The Washington Post)
“Federal Reserve Chairman, Ben Bernanke, has been credited with preventing the recession from turning into a depression. But now many claim he didn’t do enough for everyday Americans. And some lawmakers even say it is time for a change.” (FOX News)
Ben Bernanke was at the helm of the Federal Reserve throughout the “great recession” and helped craft the strategy for pulling the economy back from the brink. But after being renominated by President Obama, Bernanke is getting blowback from politicians on both sides of the aisle…they say he’s too cozy with big banks.
We’re taking at look at the chair’s chances of reconfirmation with perspectives from Fox News, CNBC, Seeking Alpha, ABC News, and more.
With big dips in the market, investors and bankers by all accounts were beside themselves Friday with news of growing trouble for the Fed head. CNBC and FOX News both sound the alarm…
CNBC: “If we lose either Geithner or Bernanke then we could see the first serious correction since the bottom in March, repealing a major chunk of the rally…1,000 points minimum.”
FOX News: “From Wall Street’s perspective, he must be reconfirmed. If he were not, we would see… as Warren Buffet said, let me know the day before, so I can sell some stocks cause we would have a big sell off.”
But the blog Seeking Alpha takes a different view…saying this type of fear mongering is the exact reason Bernanke’s confirmation is in trouble now…
“…Fear generated by the markets suckered Congress into passing the trillions in bailouts. I fear the same thing is occurring now.”
With public anger continuing to grow over high unemployment numbers and big bank bonuses, an economics professor tells ABC’s Good Morning America, there’s blood in the water.
“If the economy doesn’t improve, someone’s head has to roll. The most likely candidate would be Geithner except for the fact that Bernanke’s up for renewal.”
Thirteen senators have already come out in opposition to Mr. Obama’s choice. And 24/7 Wall Street writes the changing tide might mean a change of course…
“Obama is faced with a hard choice if more of the Senate moves away from confirmation of Bernanke. The President will have to find an alternative who he can claim is more friendly to Main Street and less friendly [to] Wall St.”
Finally, on MSNBC and The Today Show, pundits Pat Buchanan and Chris Matthews agree that for better or worse…Bernanke will probably be confirmed.
MSNBC: “I think he’s got to back Bernanke, for heaven’s sakes he nominated him for second term at the Federal Reserve. If he walks away from him, it would be a real sign, A, of weakness, and B, I think the markets would simply tank.”
NBC News: “I think under the radar they’re going to keep him. They’re going to make sure he stays. They like what he’s done. He’s printed a lot of money. He’s kept credit out there for people. They want to make sure he keeps doing that. They like him. They’re not going to cheer for him though. They’re going to make it look like…well, we’ll put up with him a little more.”
So do you think Bernanke will be reconfirmed…and is he the right person for the job?
Writer: Chance Seales
Producer: Chance Seales
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