Feb 1, 2010
The U.S. Senate, in a 70-30 vote, endorsed Ben Bernanke for a second term as head of the Federal Reserve. The yes votes came from 48 Democrats and 22 Republicans – truly bipartisan support.
During debate beforehand, senators pointed out that Bernanke’s actions had helped inflate the housing and credit bubbles, then helped bail out the banks when the bubbles burst. All true. But then many of those who said it, turned around and voted for him anyway!
Some senators who voted for him said his experience was important. Senator Jay Rockefeller, a Democrat, said, “I had to think about it, but I voted for him. Continuity... may be good.”
Continuity? With a disaster?! Why would that be good?!!
Of course, it wasn’t a disaster for the bankers. And what they want, they get. On that, Republicans and Democrats agree.