"Bernanke Endorses Obama," WSJ Says

WSJ:

Ben Bernanke apparently wants four more years as Federal Reserve Chairman. At least that's a reasonable conclusion after Mr. Bernanke all but submitted his job application to Barack Obama yesterday by endorsing the Democratic version of fiscal "stimulus."

While the Fed chief said any stimulus should be "well targeted," even a general endorsement amounts to a political green light. Mr. Bernanke certainly knows that Mr. Obama and Democrats on Capitol Hill are talking about some $300 billion in new "stimulus" spending, while President Bush and Republicans are resisting. And by saying any help should "limit longer-term effects" on the federal deficit, he had to know he was reinforcing Democratic opposition to permanent tax cuts.

Mr. Bernanke could have begged off -- and would have been wiser to do so -- given how much the Fed has already made itself a political lightning rod with its many Wall Street interventions. He might also have thought twice about endorsing one party's policy preferences a mere two weeks before Election Day given his obligation to preserve the Fed's independence. We can remember when tougher Fed chairmen used to refrain from adjusting interest rates close to an election for fear of seeming to be political; they would never have dreamed of meddling in campaign tax and spending debates.

Read the whole story: WSJ

Comments

[ibsteve2u]

If there is anything I have noticed about things Murdoch, it is that his organizations follow a very narrow path - the one most most likely to be beneficial to Rupert - and anyone who steps outside of that path automatically becomes "the enemy".

That being the case, that headline - as creative as it is - would have had a lot more impact with me had it appeared BEFORE Murdoch bought the WSJ.

[Kinomd]

He helped cause this so he endorses Obama. Obama is fitting right in. All the big money players are buying influence as well --- look at all the money he is raising. Obama is buying the election!!!!!!!!!

[luckyrico1]

Yes, millions of little people like me have given $25 here and there to Obama's campaign every time FOX news spouted lies about him. Every time the GOP tries to blame the Dems for the financial meltdown, I give a little more to the Dems.

Obama's campaign has been a grassroots internet campaign that has been very successful.

If you call that "buying the election" because, for once, millions of folks like me can contribute and feel like they are making a difference, well, yeah, he bought the election. Sort of like how the evangelicals bought the last 2 elections.

Bernanke's "endorsement" won't help him keep the job. All those guys need to go. And some even need to go to jail.

[ChristianEcon.com]

"Every time the GOP tries to blame the Dems for the financial meltdown, I give a little more to the Dems."

Is there anything these people wouldn't stoop to saying? Very very low character people.

[dianhow]

NOT SO. mIillions of regular folks are donating online..cause we are sick n Tired of years of Republican rule.( 20 OF THE LAST 28 YEARS HAVE BEEN REPUBS,MOST WITH A FRIENDLY CONGRESS ) ." They give lots of $$$ to the super rich,corpo­rations,an­d give massive tax breaks to big oil and compamies that ship jobs over seas, Middle class, get the so called trickle down. ( began with Reagan ).which does not trickle ! Understand this : If the middle class do well..they will have the money to buy stuff AND USE THE SERVICES OF MORE COMPANIES ! Everybody wins that way . It's simply economics 101 ! Repubs say they are for " less Govt " but we have the largest debt ever, and use China as a debit card, our houses as a ATM's. Now people are out of money. Let's all wake up before it's too late. Party affiliation means nothing any more ! All the rules have changed, we have to change as well. Think about kids and grandkids future..not the
R or D party.

[NPA]

No kidding, wasn't this the guy McCain claimed he would "fire" if he was President when the market crashed?! As if McCains years of opposing regulation didn't contribute to the problem.

[ciabrat]

Nope, McCain was going to fire Cox, head of the SEC.

[Over50WhiteWoman]

Not really an endorsement Obama would want, I don't think, since he testified to the Congressional committee about the bailout how they 'were wrong'.

The mastermind of 'lassez faire' now wants to support the guy who gets to clean up the mess.

I would say 'thanks, but no thanks' to that endorsement.

[luckyrico1]

You, betcha. It would be the bridge to nowhere.

[Herkybird]

Shuffle off to Buffalo Bernie!

[LindyLee]

What a lie and a deceptive story. There was no endorsement. Just because he would consider stimulus packages that have to be "carefully constructed," doesn't constitute an endorsement.

An endorsement is something like Joe Biden saying he would love to McCain's vice president.

I don't think Biden has that much faith in Barack Obama. First, he said the Presidency was not something that lends itself to on the job training, as he discussed Obama's inexperience. Then, in the debates, he stated that he would be with Obama at all times, making all decisions with him, as though trying to assure the country that Biden, himself, would be acting as President and "babysitting" Obama. Finally he stated that Obama would be tested because he had little experience and to patient with him because he may make some poor decisions, at first.

Puhlease..­..........­.......and this is the best the Dems can do?

[WhereIsTheTruth]

Well, it is better than what the Repubs offer...

[AllenD]

It is the rightard WSJ that suggests that Bernanke "endorsed" Obama.

[WritusMaximus]

Could it be that the WSJ wants Bernanke to remain in charge of the fed reserve? Hit me upside the head with a walrus and order me another martini, maverick, 'cuz I'm goin' moose huntin'!

[Guernsey]

So, when a fool awakes, and stretches his or her arms skyward with the vacuous thoughts of another day, do the reflexes take over immediately? You know reflexes being those actions that do not require the input of the central nervous system. Which time zone do you live in, because I would guess that you should have been awake long enough to realize that the Wall Street Journal is a conservative mouthpiece. Perhaps you only have a brainstem. If that is true, don't worry, your heart will beat, your chest will heave, and will McCain lose, badly.

[dianhow]

Consider this :Biden made those comments many months ago, when he was running himself. .Obama has grown and learned so much in those 20 + months. All you have to do is listen TO him with an open mind. McCain switches from one plan to the next weekly or daily.
We need someone that is smart, thoughtful, calm and thinks things thru. McCain can't even run a good campaign, how can he run a country !! NOTE: McCain's friend & former finance advisor,Sen Phil Gramm is the man that pushed thru the " Enron Loophole " which caused Enron's employess to lose their savings & 401 K. That Is CRIMINAL. ANY new president will be tested. No one knows how McCain will perform in a crisis, either since he tends to " shoots from the hip ".That is not reassuring . McCain admitted in his book " that he makes quick decisions,& sometimes has to deal with a bad result. If McCain gets ill or dies..Palen will run our country, Does that make you feel SAFE ? YOur call..

[Anastasia]

Lowering interest rates now, would actually help Bush and therefore, McCain.

[nellie]

NTY endorsement.
http://www.nytimes.com/2008/10/24/opinion/24fri1.html?hp

[mioffe]

I do not care who will be a President. I wrote a speech for both of them.
Everyone, who can, please send to their stuff. On my opinion this is very important for our country and the world.
www.ductworkinstallation.com/EnergySaving/EnvironmentPage/tabid/89/Default.aspx

[PleaseMakeItStop]

Good thing Wilfred Brimley still endorses McCain. I think that's all he's got left. Oh, wait, and Judo-for-Jesus Chuck Norris....

[Intelligentia]

Give the guy a break. Nobody wants to ride on a sinking sheep. Whatever his reason for endorsing Obama, at least, he legitimized his rational thinking.

[jazzjunkie]

Heh, nothing personal, I just had this picture of a woolly sheep sinking and baa-ing.

Obama/Biden 08!

[boyfood]

I wish I could say "boring." Cuz it's almost a non-story about nothing. Especially for Huffington people, K?

[theactivist2015]

Umm... "He wants four more years as Fed Chair"? I don't think that's his motivation. The fact is about 70% of economists favor Democrats. It has nothing to do with personal inclinations, and everything to do with the fact that Democrats have better economic policies.

[WritusMaximus]

So where was Bernk and his razor sharp analysis about the impending doom? Like, you know, before the proverbial manure hit the fan?

[liveandlearn]

you saw what passed for independance when greenspan did it. in my civics and history books it was called "laissez faire," and it meant get the government out of the robber barons' way. if bernanke has an opinion as an expert, perhaps it will not hurt to hear it.

[Vj314]

Its called Laissez Faire in my economics and finance books too!

[Archivist1000]

I had a sad moment for Hillary the other day when she said (paraphrasing) that nobody should
'assume' anything .... a lesson she learned the hard way, to be sure!

Hillary understands that while a candidate can be the frontrunner for a long time, at the end of the day, all that really counts, is the VOTE .... it would be a shame if Obama supporters took victory for granted, and stayed home on November 4.

GO VOTE EARLY if you can .... but VOTE ! Take NOTHING for granted, it aint over 'till it's OVER ....

GO VOTE EARLY if you can ... you or someone you love might get sick on Nov 3 or 4 and you
might be unable to go!

GO VOTE EARLY if you can .... there may be problems at the precincts .... don't be caught out !

GO VOTE EARLY if you can ... Obama has been working his butt off for 2 yrs, just for this one
DAY .... don't let him down, when he needs YOU

GO VOTE EARLY if you can .... elections are won one vote at a time, and the result lasts 4 yrs!

[ollyolly]

YOUR FORGOT TO SAY "VOTE OFTEN"...especially in the swing states. Too bad Obama hasn't spent two years in the Senate actually being a Senator. Before you know it the path to the White House will be Student Council President -> Dean's LIst -> 20 year community organizer -> PRESIDENT!

[luckyrico1]

Yes! Yes! Yes! Every vote counts.

[dianhow]

YES..We need to vote and vote early. It is a close race, no matter what the POLLS say.
VOTE TODAY!