jmdrake
01-26-2010, 10:59 PM
http://www.campaignforliberty.com/blog.php?view=31852
While everyone is focused on "Obamacare" and "cap and trade", another crucial vote is coming up. And in this vote the battle lines are not evenly split by party. Ben Bernanke has been nominated to another term for the federal reserve. Remember this is the same Ben Bernanke that misled Bank of America in the Meryll Lynch deal and also (allegedly) threatened the CEO of Bank of America with removal if he didn't go along with it. Recently Sen. Jim Bunning (R-Ky) raised questions about Bernanke's involvement in the AIG bailout. Email revelations show that Tim Geithner's handling of the issue was incompetent at best and criminal at worst. By advising AIG to hide the fact that it was paying face value for junk debt intruments, the Fed created a "backdoor bailout" for creditors like Goldman Sachs. Against this backdrop is the ongoing movement to demand transparency by an audit of the Fed. This needed now more than ever, as Bernanke has been lending trillions in taxpayer money and yet won't even say who is receiving it. Even though Bloomberg won a ruling on this, the Federal Reserve is still stalling through appeal.
So it is baffling that Sen. Lamar Alexander (R-Tn) would give his full unqualified blessing to Ben Bernanke and say "We're lucky to have had him". Lucky? According to the FDIC (You know. The organization tasked with protecting depositors?) the Federal Reserve caused the crisis!
Senator Jim Demint has the right idea. He has put a hold on Ben Bernanke's nomination until there is a vote auditing the Federal Reserve. If 39 other senators will stand with him we may get some accountability back in Washington. If they will stand with him. Back in Dec, Sen. Bob Corker (R-Tn), said Bernanke's nomination was "not a done deal". Let's hope not. More recently Sen. Corker acknowledged that the AIG scandal had "clouded the issue". Concerned citizens should contact senators like Corker who are on the fence, as well as solid backers of Bernanke like Alexander, and let them know that we care about honesty and transparency in banking and Bernanke represents a problem, not a solution. Remember, they are voting on this on Thursday!
While everyone is focused on "Obamacare" and "cap and trade", another crucial vote is coming up. And in this vote the battle lines are not evenly split by party. Ben Bernanke has been nominated to another term for the federal reserve. Remember this is the same Ben Bernanke that misled Bank of America in the Meryll Lynch deal and also (allegedly) threatened the CEO of Bank of America with removal if he didn't go along with it. Recently Sen. Jim Bunning (R-Ky) raised questions about Bernanke's involvement in the AIG bailout. Email revelations show that Tim Geithner's handling of the issue was incompetent at best and criminal at worst. By advising AIG to hide the fact that it was paying face value for junk debt intruments, the Fed created a "backdoor bailout" for creditors like Goldman Sachs. Against this backdrop is the ongoing movement to demand transparency by an audit of the Fed. This needed now more than ever, as Bernanke has been lending trillions in taxpayer money and yet won't even say who is receiving it. Even though Bloomberg won a ruling on this, the Federal Reserve is still stalling through appeal.
So it is baffling that Sen. Lamar Alexander (R-Tn) would give his full unqualified blessing to Ben Bernanke and say "We're lucky to have had him". Lucky? According to the FDIC (You know. The organization tasked with protecting depositors?) the Federal Reserve caused the crisis!
Senator Jim Demint has the right idea. He has put a hold on Ben Bernanke's nomination until there is a vote auditing the Federal Reserve. If 39 other senators will stand with him we may get some accountability back in Washington. If they will stand with him. Back in Dec, Sen. Bob Corker (R-Tn), said Bernanke's nomination was "not a done deal". Let's hope not. More recently Sen. Corker acknowledged that the AIG scandal had "clouded the issue". Concerned citizens should contact senators like Corker who are on the fence, as well as solid backers of Bernanke like Alexander, and let them know that we care about honesty and transparency in banking and Bernanke represents a problem, not a solution. Remember, they are voting on this on Thursday!