AP source: Fed's Bernanke picked for second term

[Newsjock]

Source: Associated Press

Federal Reserve Chairman Ben Bernanke, widely credited with taking aggressive action to avert an economic catastrophe after the financial meltdown last fall, will be nominated by President Barack Obama for a second term, The Associated Press learned Monday night.

Obama plans to make the announcement on Tuesday during a break from his vacation on Martha's Vineyard. A senior administration official discussed the nomination on the condition of anonymity because it was not yet public.

In remarks prepared for the announcement, Obama praised Bernanke for leading the country through a financial crisis and, with his expertise on the Great Depression, helping to prevent a similar crisis.

"Ben approached a financial system on the verge of collapse with calm and wisdom, with bold action and outside-the-box thinking that has helped put the brakes on our economic free-fall," Obama said in prepared marks obtained by the AP.

Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2009/08/24/national/a182153D11.DTL&tsp=1

[bkkyosemite]

1. Ben doesn't know where Billions of Tax Dollars went after they left the World Bank.

[izquierdista]

2. Change you can believe in

NOW I understand it! :think: It's about belief! As in the invisible man that lives in the sky. No wonder my skepticism about Obama has been growing; he's just asking people to believe in change like a preacher asks people to believe in Jesus.

[Dr.Phool]

7. You're wrong!

It's change we can make believe in!

[Just-plain-Kathy]

15. The "unrecs" are comming...let's bury anything that makes our party look bad.

Party before country!!!


:sarcasm:

[girl gone mad]

20. At least it wasn't Summers. n/t

[UpInArms]

3. between Geithner, Summers and Bernanke

there will be nothing good in the economic policy in this country.

Obama is becoming more disappointing by the day.

:(

[GreenPartyVoter]

4. Yeah, I hate that these are the guys he picked for the jobs they are in.

[notadmblnd]

6. yup and they will be the weight around his neck that drags him down

If I don't see some improvement soon, I won't vote for him again.

[scheming daemons]

21. The three of them have done a pretty good job so far...

Geithner has been better than Paulson, though not as good as Rubin.

Summers is fine in his consulting role...


...and Bernanke is much better than Greenspan ever was.



They're good at what they do... and they took the correct actions to avoid a major depression.


...and it worked.




and... by the way.... Krugman endorses Bernanke's reappointment. Sorry to throw that monkey wrench into your poutrage.

[UpInArms]

26. wow!

less than evil, the new good -

is that you motto?

[aquart]

5. Bleh.

Obama never has to worry about any leftwing taint. No, he doesn't.

[Demeter]

8. I Guess Ben Needed More Time to Prove His Inability to Cope

and Obama really doesn't want to be known as a populist hero, or have a second term.

[Hubert Flottz]

9. Obama believes in recycling...

Bushbots.

[Lucky Luciano]

10. Bernanke is not really that offsensive. He had

one helluva task thrust upon him - the ultimate game of Wack-A-Mole.

[earthside]

11. My Disillusionment Grows Daily. n/t

[neverforget]

12. ugh

[madville]

13. We need to open the Fed's books now

and see how bad they are cooked.

[WriteDown]

23. Here you go...

http://www.federalreserve.gov/monetarypolicy/bst_fedsbalancesheet.htm

The Government Accountability Office (GAO) has broad authority to review and audit Federal Reserve activities.1 The legislative limits on the GAO's access to the Federal Reserve System are very specific and stated in the law.2 The GAO conducts reviews and audits at the direction of the Congress and also under its own authority. These engagements cover a wide variety of Federal Reserve activities. As of March 31, 2009, there were 20 GAO engagements underway, 17 of which were initiated by Congress. During 2008, the GAO completed 15 similar engagements.

The Board of Governors orders an annual external audit of the financial statements of the Board and the Reserve Banks.3 The current independent auditor is Deloitte and Touche.4 Each Reserve Bank publishes its audited financial statements, and the Board of Governors publishes the audited combined Reserve Bank financial statements and the Board's financial statements in its annual report to Congress. The Reserve Banks and the Board comply voluntarily with the internal control requirements of the Sarbanes-Oxley Act. The external auditors also perform an evaluation of internal controls over financial reporting.

http://www.federalreserve.gov/monetarypolicy/bst_oversight.htm

[roamer65]

14. Robert Reich would have been the best choice.

[GodlyDemocrat]

16. Obama just relegated himself to a one term Presidency today

As an activist, I will still support, campaign, and volunteer for the President and Democratic candidates. However, as a prognosticator, reappointing a federal reserve chief that will continue us down a path of monetary excess, and thus inflated commodity prices, is going to lead to a Republican victory in 2012. No one person, one blog, one forum, one spin doctor, or even one campaign manager is going to be able to change this eventual outcome if our monetary policy stays the same, which with Bernanke's reappointment appears likely.

[Celebration]

17. well, at least it isn't Summers getting the nod n/t

[Frank Booth]

18. Seems OK to me.

Bernanke can't be all bad. Krugman and Roubini both wanted him re-appointed. And though the recession has been really bad, it seems like it could have been much worse (I haven't noticed a dramatic rise in apple vendors, for example).

[notesdev]

19. Bernanke is out-and-out seditious

he thinks the Fed is a branch of government on its own, falsely claims it to be a government agency, lies about monetization, sent who knows how many trillions to Wall St. unaccounted for - in his own eyes he is the puppet master and we are the puppets.

[SlowDownFast]

22. .

At least when (not if) the whole thing blows up, it lands pretty squarely on Bernanke's head (Paulson's long gone with his loot on his private island.)

I can't imagine any other reason Obama's re-appointing him - except the "tinfoil" reasons.

[fulton]

24. Heck of a job Bernie!

n/t

[dixiegrrrrl]

25. There are 2 ways to look at this.

Those who know the truth about the financial meltdown and who is to blame will understand why
Bernanke is going to keep his job.
Those who have no clue won't see any problem with Bernanke keeping his job.