Sen. Bernie Sanders (I-VT) Blocks Ben Bernanke Confirmation
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WASHINGTON, December 2 -- Sen. Bernie Sanders (I-VT) today placed a hold on the nomination of Ben Bernanke for a second term as chairman of the Federal Reserve.
"The American people overwhelmingly voted last year for a change in our national priorities to put the interests of ordinary people ahead of the greed of Wall Street and the wealthy few," Sanders said. "What the American people did not bargain for was another four years for one of the key architects of the Bush economy."
As head of the central bank since 2006, Bernanke could have demanded that Wall Street provide adequate credit to small and medium-sized businesses to create decent-paying jobs in a productive economy, but he did not.
He could have insisted that large bailed-out banks end the usurious practice of charging interest rates of 30 percent or more on credit cards, but he did not.
He could have broken up too-big-to-fail financial institutions that took Federal Reserve assistance, but he did not.
He could have revealed which banks took more than $2 trillion in taxpayer-backed secret loans, but he did not.
"The American people want a new direction on Wall Street and at the Fed. They do not want as chairman someone who has been part of the problem and who has been responsible for many of the enormous difficulties that we are now experiencing," Sanders said. "It's time for a change at the Fed."
The Federal Reserve has four main responsibilities: to conduct monetary policy in a way that leads to maximum employment and stable prices; to maintain the safety and soundness of financial institutions; to contain systemic risk in financial markets; and to protect consumers against deceptive and unfair financial products.
Since Bernanke took over as Fed chairman in 2006, unemployment has more than doubled and, today, 17.5 percent of the American workforce is either unemployed or underemployed.
Not since the Great Depression has the financial system been as unsafe, unsound, and unstable as it has been during Mr. Bernanke's tenure. More than 120 banks have failed since he became chairman.
Under Bernanke's watch, the value of risky derivatives held at our nation's top commercial banks grew from $110 trillion to more than $290 trillion, 95 percent of which are concentrated in just five financial institutions.
Bernanke failed to prevent banks from issuing deceptive and unfair financial products to consumers. Under his leadership, mortgage lenders were allowed to issue predatory loans they knew consumers could not afford to repay. This risky practice was allowed to continue long after the FBI warned in 2004 of an "epidemic" in mortgage fraud.
After the financial crisis hit, Bernanke's response was to provide trillions of dollars in virtually zero-interest loans and other taxpayer assistance to some of the largest financial institutions in the world. Adding insult to injury, Bernanke refused to tell the American people the names of the institutions that received this handout or the terms involved.
"Mr. Bernanke has failed at all four core responsibilities of the Federal Reserve," Sanders concluded. "It's time for him to go."
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Tell Your Senator to Back Sen. Sander's Block on Bernanke
Call or E-mail your two senators and tell them to back Sen. Sanders on his block on the confirmation of Bernanke. The current Fed chairman has ruined the middle-class in this country and handed over the tax payer's money to Goldman Sachs.
Go, Senator Sanders!
Someone reported that Senator Sanders is a socialist. I don't care if he's a communist, as long as he keeps doing the business of the citizens of the United States. Beats the H*** out of corporate domination and the continuation of Wall Street legally stealing all our money. Watch Bernie's series at BRAVE NEW FILMS.
Socialist is a GOOD THING!
The point is he's doing the citizens' business BECAUSE he's a socialist. If we had more socialists in Congress, they'd be acting pretty much the way Bernie Sanders is. The Green Party is another good choice.
Bottom line: Don't vote for republicrats on the corporate payroll!
The 1.1 Party System
Apparently we have 1.1 parties in the US: The Repugnikrats with their two wings, the Repugnikans and the Dumbokrats, and then Bernie Sanders.
Three cheers for Sen. Sanders standing up for the obvious! We have had the inmates running the prison and it is time for a change.
Thank heavens for the .1 Party of common sense!
I wish
I wish we had a Senate filled with people like Bernie Sanders. This country would be a much better and more peaceful place. I hope he has the cajones to block Bernanke but even Bernie will cave on this one.
Don't make it worse
Note that Sanders is a SOCIALIST; not from one of the corporate-funded parties.
A vote for either corporate-funded party is a vote to continue the business-first policies of Bush and Obama.
Voting for either of these parties gives them undeserved legitimacy, and contributes to the illusion that only a Democrat or Republican can win elections at the national level.
If you vote Democratic or Republican, you are part of the problem.
Bernanke
Thank you Senator Sanders.
If we had 59 more like you we would have a chance as a nation.
thanks Bernie
You can count on Bernie Sanders to look out for the peoples welfare even if the Democrats no longer will.What a powerful combination Bernie Sanders and Dennis kucinich would make as our next presidental candidates.Of course who would then guard our rights in the senate and house
Not totally true.
According to CNBC, Sanders will not block the nomination but he will vote against Bernanke.
I thought Kucinich would do well as President but he doesn't stand a chance. Sanders is in the same situation. National corporate media will fight them the way did Howard Dean. Let Kucinich and Sanders stay where they are and keep the rest honest, if possible.