If you haven't already heard, FED Chairman Ben Bernanke was re-confirmed by a vote of 70-30 yesterday afternoon. In this two clear signals were sent: 1. Failure will continue to be rewarded in DC. 2. Some are ready to stand up to the FED chairman.
The vote did not go along party lines with the failed chairman of the currency debasing giant finding support on both sides of the aisle. Sadly, both of my Republican senators (Alexander and Corker) gave their support, but that was to be expected. Each are statist in make-up, moderates at best, and completely ignorant in the field of fiscal policy. Major supporter of the FED Sen. Bob Corker even went as far as to say:
“We need to mature a little bit. ... If we continue constant witch hunts, which is what happens here on a daily basis, no one in leadership is ever going to make a bold decision. You’re going to reduce people to just not taking leadership.”
This is a severely misguided statement. First, it assumes that Bernanke has made bold decisions. Keeping interest rates extremely artificially low and injecting volumes of paper money into a hungry system is not bold. Rather, it is politically expedient. Second, Corker assumes that bold equals correct. And even if Bernanke was being bold-he wasn't-he sure wasn't acting rightly. Moreover, Mr. Corker this is not a matter of immaturity by the FED chairman's opponents. In fact, immaturity has shown forth quiet brightly in statements you have made over the last year involving the FED, fiscal policy, and basic economic theory. Perhaps the finger needs to be pointed back at you.
There is an upside to the recent re-confirmation process, however. Some are upset with the FED, its chair, and our current fiscal policy. The speeches made on the senate floor and the 70-30 margin are proof of this.
The senate usually skates through these confirmations. Not this time. A record 30 senators voted against him, which is a very good sign. I can't help but see this as a major victory for Texas Congressman Ron Paul. He has single handedly brought the FED issue to national prominence and led his colleges on a crusade for FED transparency.
May this opposition continue to grow and lead to good things down the road. If you haven't already checked out the effort to audit the FED through legislation going through the House and Senate, please do.
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