Federal Reserve Chairman Ben Bernanke, appointed by President George W. Bush (R) in 2006 and re-appointed by President Barack Obama (D) this year, has been confirmed for a second term by a bipartisan 70-30 Senate vote.
I have a few questions about this.
First off, why did Obama re-appoint a Bush appointee to such a key economic post after going on and on and on during (and after) his election about how bad Bush’s economic policies were? Bernanke has overseen our monetary policy through the 2008/2009 economic collapse and was one of the biggest cheerleaders for the horribly misguided and counterproductive Bush/Obama bailouts[/stimulus/recovery/whatever trendy title they have now]. This is ‘change?’
Second, why did the Senate confirm him? Democrats should be suspicious of Bernanke for the part he played in the economic collapse and Bush economic policies. Republicans should be suspicious of him for spearheading unprecedented government economic interventionism. This guy should have seen incredible bipartisan opposition, not surprising bipartisan support. Nobody should have voted for this guy.
Finally, which Bernanke do we get from here on? There was Bernanke #1, the socialist bailout-monger; and there was Bernanke #2, decrying deficit spending and government expansionism. Maybe he’ll just go back and forth to keep us guessing.