Sanders Rips Bernanke Nomination: "He Was Asleep At The Wheel"

The decision by President Barack Obama to nominate Ben Bernanke for a second term as chairman of the Federal Reserve has been greeted with a type of ho-hum response that suggests the move was both uncontroversial and long expected.

But while Bernanke seems likely to retain his post, his Senate confirmation hearings should not lack for dramatics. Not everyone was pleased with his first four-year tenure. And in a statement on Tuesday, Sen. Bernie Sanders (I-Vt.) offered strong disapproval with Obama's choice and a hint of the type of questioning coming Bernanke's way in the weeks to come.

"As a result of the greed, irresponsibility and illegal behavior of Wall Street our country has experienced the worst economic decline since the Great Depression," said Sanders. "Mr. Bernanke was head of the Fed and the nation's chief economist as this crisis, driven by reckless speculation, developed. Tragically, like the rest of the Bush administration, he was asleep at the wheel during this period and did nothing to move our financial system onto safer grounds."

"As the middle class of this country continues to shrink, we need a chairman of the Federal Reserve who is more concerned about expanding the productive economy -- increasing decent-paying jobs for all Americans -- than continuing to fan the flames of Wall Street greed and outrageous compensation packages."

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Comments

[sundog58]

Bernie Sanders is my hero.

[olympus6]

So our 'regular-guy' Pres. interrupts his golf game in Martha's Vineyard to reappoint a guy who is 'saving' us from the mess he made. Sounds about right...

[padrushka]

GO BERNIE, WISH WE COULD CLONE HIM FOR THE REST OF THE SEATS

[everychildsnana]

Neat, Bernie, What can be done to take Bernanke, Lawence, and Peter out ot the Fed .Res.,Whit­e House and Washington? Surely we are not doomed to the trash heaps across the US; cause that's where every act, promise, expenditure from day one of the Obama Inauguration-the guy we decided in September to believe & vote for- has been assisting every entrenched special interest and corporation that own and operates 100 US Senators and in the House, an equal percentge , about 2% are not joined to those run and ruin specila interests. It would be helpful for Senator

[Lilith33]

GO BERNIE!!

[getsmart85]

It cannot be better said!

Also read the following:

http://www.huffingtonpost.com/2009/08/25/the-collected-works-of-be_n_268565.html

[leevntheus]

Asleep nothing of the KIND!!! He was wide awake and driving the train!!! Who better to know how to re-create the great depression and then follow up with anti Roosevelt policies than the guy supposedly the best scholar of depression era policies?

The depression was an inside job that went awry when FDR reshaped the role of government to save America. They've decided to roll the dice again now that big business has ALL the tools and ALL the power. Bernanke is the OZ behind the curtain that plays everything out according to plan.

Another sign that OBAMA is a DINO and a shill for right wing corporate America.

We're screwed.

[fkk501]

In my dreams, a Progressive Party comprising of:

Bernie Sanders
Dennis Kucinich
Ron Paul
Paul Krugman
Josef Stiglitz
Elizabeth Warren
Robert Reich
Lawrence O'Donnell
Bill Maher
Jon Stewart
Ralph Nader

Just to start off.......­....bet they could win big if Obama continues on his present tack.

[Cardboardurinal]

Ron Paul is by no means progressive, in fact, he is a knee jerk reactionary on many issues.

[sinope]

Ron Paul is not a progressive, and you forgot Russ Feingold among others.

[RoveRoveRoveYourBoat]

Thank you Bernie.

[CaptainVideo]

See Roubini's balanced assesment of Bernanke and his endorsement of his reappointment at the following link:

http://www.nytimes.com/2009/07/26/opinion/26roubini.html

[CaptainVideo]

See Krugman's endorsement of Bernanke's reappointment at the following link:

http://krugman.blogs.nytimes.com/

You need to scroll down.

[Omentum]

Bernie....­. hello!!!!!

You were all asleep in the same bed. Just like Larry Curly and Moe. Snoring away.

[BustMyChops]

No, he wasn't. You must not know much about Bernie Sanders. He's the only senator that isn't a corporate shill. Unfortunately he'll never be president because he isn't bought and paid for.

[RoveRoveRoveYourBoat]

You apparently know nothing about Bernie or his constant advocacy for the middle-class.

[worriedinvt]

Bernie is absolutely right on all counts. Bernanke has some serious questions to answer.

[JakeMontero]

Bernie needs some metamucil

[RavenRant]

Thank God for Bernie Sanders! I wish we had a hundred of him in the Senate. Even 60. (Or 59 Bernies and one Al Franken.)

How badly do you have to fail to be held accountable in Washington? Or Wall Street, for that matter?

Bernanke, Paulson, and Geithner ignored massive predatory lending, insane leverage and risk by banks, and blatant, overt fraud by ratings agencies and throughout the financial system.

Nothing has been done to regulate or create accountability on Wall Street. Instead, trillions have been thrown at the worst actors in the industry by the Fed and the Treasury. The 'too big to fail' concept continues to imply a taxpayer guarantee on corporate giants that are once again ramping up risk, while obscene bonuses continue to be distributed, regardless of performance.

We are experiencing the worst financial crisis in 60 years, but Bernanke is 'successful' because, um, it's not the worst in 200 years?

Bernanke, Geithner, Summers and Rubin must go! They were all disastrously wrong, and still refuse to acknowledge the catastrophic consequences of their deregulatory, laissez faire, crony capitalist ideology.

The entire administration, and especially the financial team, are displaying a breathtaking degree of contempt for their base, and for every working, taxpaying American. We had come to expect that of the Bush Admin., but to see it continue unabated under Obama is sickening.

Why can't we recruit the people who got it right? The people whose warnings Bernanke and Co. ignored and marginalized?