Monday, December 21, 2009

Senator Bunning on the Bernanke reappointment (14/14)

Senator Jim Bunning (R-KY) offered the following prepared comments during the December 3 reappointment hearing of Fed Chairman Ben Bernanke. This is the final part in a fourteen part series:

From monetary policy to regulation, consumer protection, transparency, and independence, your time as Fed Chairman has been a failure. You stated time and again during the housing bubble that there was no bubble. After the bubble burst, you repeatedly claimed the fallout would be small. And you clearly did not spot the systemic risks that you claim the Fed was supposed to be looking out for. Where I come from we punish failure, not reward it. That is certainly the way it was when I played baseball, and the way it is all across America. Judging by the current Treasury Secretary, some may think Washington does reward failure, but that should not be the case. I will do everything I can to stop your nomination and drag out the process as long as possible. We must put an end to your and the Fed’s failures, and there is no better time than now.

Go get'em Senator Bunning! Too bad Senator Dodd prefers to carry water for Wall Street.

Tim White

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