Despite Role in AIG Bailout, Senate Votes to Reappoint Bernanke

Alan Greenspan’s protege Ben Bernanke is about to be reappointed to a second four-term as the Federal Reserve boss.

Earlier today, the Senate voted 77-23 to end debate on Bernanke after his supporters took to the floor and sang his praises and critics made ominous warnings. “To vote against confirmation could unnerve investors and exacerbate economic uncertainty in the marketplace, which is exactly what we do not need at this time,” said Sen. Robert Menendez, Democrat of New Jersey, according to The Wall Street Journal. “We need the wisdom of patience,” he said. “Let us not judge the man or the work prematurely".'

Read more...