"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]

02:43 PM on 10/24/2008

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]

02:21 PM on 10/24/2008

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]

02:56 PM on 10/24/2008

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]

08:40 PM on 10/24/2008

"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]

05:06 PM on 10/24/2008

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]

10:32 AM on 10/24/2008

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]

05:20 PM on 10/24/2008

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

[Over50WhiteWoman]

02:35 AM on 10/24/2008

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]

03:05 PM on 10/24/2008

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

[Herkybird]

01:25 AM on 10/24/2008

Shuffle off to Buffalo Bernie!

[LindyLee]

12:03 AM on 10/24/2008

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]

12:27 AM on 10/24/2008

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

[AllenD]

01:10 AM on 10/24/2008

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

[WritusMaximus]

07:37 AM on 10/24/2008

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'!

[Anastasia]

11:50 PM on 10/23/2008

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

[nellie]

11:17 PM on 10/23/2008

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

[mioffe]

09:07 PM on 10/23/2008

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]

08:22 PM on 10/23/2008

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]

08:00 PM on 10/23/2008

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]

08:47 AM on 10/24/2008

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

Obama/Bide­n 08!

[boyfood]

07:49 PM on 10/23/2008

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

[theactivist2015]

07:05 PM on 10/23/2008

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]

07:40 AM on 10/24/2008

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

[liveandlearn]

04:31 PM on 10/23/2008

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]

11:20 PM on 10/23/2008

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

[Archivist1000]

03:54 PM on 10/23/2008

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]

02:51 PM on 10/24/2008

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]

03:01 PM on 10/24/2008

Yes! Yes! Yes! Every vote counts.