Thursday, January 28, 2010

Big mistake

So Bernanke gets a second term as Fed chair. Whoopee! Supposedly, we should be thrilled that his margin of confirmation was the weakest for a Fed chairperson ever. Simon Johnson would retort that the Senate screwed the proverbial pooch in reappointing him. Others seem hopeful that Bernanke got the message. I'm guessing such hope is false. Looking at the roll call vote was worthwhile. The 30 members who voted "nay" deserve kudos. Some surely are coming up for re-election this year, and probably were merely giving themselves some cover as to avoid electoral disaster in November.

The Senator in my state, Coburn, who is up this year for re-election voted "yea" which really didn't surprise me, as I recall he was perfectly cool with the Great American Swindle also known as TARP. Not that Coburn really cares - his strategy in this state is simply to mumble about Jesus, abortion, gays, and Islamists (in other words throw plenty of red meat to the culture warriors) and skate to victory.

I'll be curious to check what some of the more economics-savvy bloggers have to say about Bernanke's impending second term. I don't expect too much happiness at the prospect.

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