Does Fed Chair B. Bernanke's reappointment equal CHANGE THAT YOU CAN BELIEVE IN?

[mdmc]

Bernie Sanders made the point today on www.wamc.org 's "Congressional corner" that the Fed exists to stabilize the economy. Under Bernanke the global economic system came close to a catastrophic disaster.
So we bail out the billionaires while the working poor go on without health treatment (although fully insured) and no increase in wages while all prices skyrocket. Billions of dollars "spent" (wasted) and Bernanke refused to tell the working poor and other taxpayers where their billions of dollars went to. Bernanke did not want to "stigmatize" the banks that were too big too (or should this be "to" instead of too - English majors please check in) fail.

Bush's Wall Street bailout boy is now ours. Is this change you can or cannot believe in?

[Sebastian Doyle]

1. The "Federal Reserve" is neither, and Bernanke is a criminal piece of shit.

He should be "replaced" with NOBODY, because this criminal private bank should not exist.

[TheKentuckian]

2. Make that criminal private bank cartel

that should be replaced with an actual public trust.

[mdmc]

3. yes

[ellie]

4. I wrote my senator,

Sherrod Brown about his vote to reconfirm Bernake and this is the answer I received:

"Thank you for sharing your thoughts about the nomination of Ben Bernanke to serve a second term as chairman of the Federal Reserve.

"I agree with you that a lack of oversight contributed to the financial and economic problems that have confronted the nation, and I have addressed those concerns to Chairman Bernanke in public and private. Regulators, including the Federal Reserve, did not do enough to promote the strong supervision of financial firms and protect the public from economic turmoil.

"As a member of the Senate Banking Committee, I am working to ensure that sufficient safeguards are in place to ensure that our financial system remains stable over time. I have emphasized to Chairman Bernanke that a culture change at the Federal Reserve, as well as an independent risk regulator and tough accountability measures, are necessary to prevent another economic crisis from gripping our country. You can be sure I will continue to work with the committee and with Chairman Bernanke to press for these changes.

"That being said, I believe the bold steps that Chairman Bernanke and Treasury Secretary Paulson took to prevent economic meltdown in the fall of 2008 forestalled an even worse financial crisis. He has demonstrated a willingness to put pragmatism before ideology and act decisively to protect the interests of the United States, and I recently voted in the Senate Banking Committee to approve the Chairman’s nomination to serve a second term.

"Please be assured that I will keep your thoughts in mind as Chairman Bernanke’s nomination moves to the full Senate for consideration. Thank you again for getting in touch with me."

So, the upshot is, they don't care.