Dodd Muted On Bernanke Renomination Prospects

Just six weeks after he told Reuters it was essentially a done deal, Senate Banking Committee Chairman Christopher Dodd punted when asked about the likelihood of Federal Reserve Chairman Ben Bernanke's confirmation for a second term.

Asked by a citizen journalist if it was a foregone conclusion that Bernanke's nomination for a second term would be confirmed by the Senate, Dodd replied: "Not necessarily, not necessarily. We'll see how members react."

The intervening six weeks have seen a growing public anger about skyrocketing unemployment, and a growing recognition that government bailouts since last fall have helped Wall Street -- rather than Main Street.

Dodd's new comments came in a video posted to YouTube today by videoblogger Mike Stark. Stark also asked Dodd about the Obama administration's top economic team and whether a change is needed. Dodd said he was concerned about the country's economic plight, but said: "It's the President's call at this point because those are his choices."

Dodd also said of Bernanke: "I'm inclined to be supportive. I think he's done a far better job in the last couple of years than he did initially."

Dodd's spokeswoman, Kirstin Brost said "there was nothing new" in Dodd's statement.

"He has said consistently we are going to have a thorough hearing, there are serious issues that need to be addressed, but he is inclined to support Bernanke," she wrote in an e-mail. "There are no foregone conclusions in Congress."

Brost also pointed to an August statement by Dodd, in which he said:

While I have had serious differences with the Federal Reserve over the past few years, I think reappointing Chairman Bernanke is probably the right choice. Chairman Bernanke was too slow to act during the early stages of the foreclosure crisis, but he ultimately demonstrated effective leadership and his reappointment sends the right signal to the markets.

There will be a thorough and comprehensive confirmation hearing. I still have serious concerns about the Federal Reserve's failure to protect consumers and I strongly believe these responsibilities should go to an independent consumer financial protection agency. I expect many serious questions will be raised about the role of the Federal Reserve moving forward and what authorities it should and should not have.

In the video, Dodd also acknowledged some of his own shortcomings as a member then chairman of the banking committee, in the context of Bernanke's recent performance:

"He's been better on some of these issues, which I wish I'd paid attention to years before."

WATCH THE VIDEO:

Comments

[Washington Kos]

04:20 PM on 11/23/2009

Another big rally for stocks as the rich get richer. Great recovery, huh? Unless wall street recovers first there can be no recovery for anyone else . That seems to be the Geithner/S­ummer/Obam­mi mantra.

good articles: http://fin­anceopinio­nss.blogsp­ot.com

the economy & stock market is a joke. Obama let everyone down except the usual water carriers & top 1% of earners. Saying home 2010 & 2012

[nThenwhat]

09:07 PM on 11/22/2009

Obama's chance for a second term may well HINGE on his continued support of Bernanke and Geithner.
The same could apply to Dodd ... and he knows it ... so he's being a coward on the issue.
Dodd is hopefully "done like dinner" ... he was AWOL chasing his absurd fantasy of being President when he should have been doing his job as head of the Senate Banking Committee Dodd needs to go ASAP ... he's certainly one of the country's Fleecing Fathers.

[Melissa]

04:29 AM on 11/23/2009

Hopefully people will wise up and send this man back home.

[CkRo]

08:07 PM on 11/22/2009

Dodd is a scoundrel who will likely be unseated soon from the Senate.

[WalterJesseSmith]

08:03 PM on 11/22/2009

Dodd, like Obama, is very concerned to send the right signals to the markets. Same old song, same old crap: Wall Street is all that matters; to hell with all those unemployed idiots; they should have invested more in the markets so they could appreciate the new version of the same old same old send the right signals to the markets song.

Dump the idiots at the first opportunit­y.

[Washington Kos]

06:59 PM on 11/22/2009

Thus that wealth is becoming increasing­ly concentrat­ed and the middle and lower classes are becoming increasing­ly unable to maintain standards of living. Jobs are going away, wages are declining. There is a risk of collapse of the entire system.

rec. reading: http://fin­anceopinio­nss.blogsp­ot.com

the worst part is with globalism the elite dont' even need the working poor or Amerika to buy their crud anymore. Instead china, India, Europe, and South America fill that role.

[njgal4obama]

06:50 PM on 11/22/2009

Bernanke says he wants to end "Too big to fail" but opposes repealing Glass-Stea­gall.

How do you end "too big to fail" by continuing what caused "too big to fail"?

Can someone please enlighten me?

[ezeflyer]

05:30 PM on 11/22/2009

"On June 15, 2007, Ron Paul introduced HR 2755: Federal Reserve Abolition Act.
-- it designates the Director of the Office of Management and Budget to liquidate Fed assets in an orderly and expeditiou­s manner;
-- transfer them to the General Fund of the Treasury after satisfying all claims against the Board and any Federal reserve bank;
-- assume all outstandin­g Board and member bank liabilitie­s and transfer them to the Secretary of the Treasury; and
-- after an 18-month period, submit a report to Congress "containin­g a detailed descriptio­n of the actions taken to implement this Act and any actions or issues relating to such implementa­tion that remain uncomplete­d or unresolved as of the date of the report."
On November 22, "End the Fed" protests were held in 39 or more cities nationwide (including New York, Chicago, Los Angeles and Washington­, DC), but you'd hardly know it for lack of coverage. Attendee demands were simple and emphatic:
-- end a private banking cartel's illegal monopoly control over the nation's money supply and price;
-- return that power to the US Treasury as the Constituti­on mandates;
-- end a fiat currency system backed by the waning full faith and credit of the government­; and
-- return the country to a sound, hard currency monetary system.

[alfo]

07:40 PM on 11/22/2009

OH OH HAVE YOU LOST YOUR MIND, THE FED WOULD COLAPSE THE ECONOMY OR DIG UP JFK & KILL HIM AGAIN,YOU'­RE SPOT ON,, THIS IS OBAMA'S CHANCE TO SHUT DOWN OUR PROBLEM AS A NATION,HOW­EVER IT AINT HAPPEN THE FED HAS PRINTED OVER 12TRILLION SINCE MAR.08 BERNANKE WON'T TELL US WHERE IT WENT. OH THAT'S RIGHT TO ENGLAND,FR­ANCE,ITALY ETC.......­....

[marchamlin]

10:25 PM on 11/22/2009

You left your CAPS lock on. Oops!

[jasonfebery]

05:26 PM on 11/22/2009

I say get rid of the lot of them and start fresh, fofcusing economic initiative­s on MAIN ST not WALL ST.

http://jas­onfebery.w­ordpress.c­om/

[NotMcCain]

05:25 PM on 11/22/2009

Bernanke and Paulson LIED to Congress when they promised to use TARP for toxic mortgage relief.

That. Was. A. Lie.

And Bernanke STILL refuses to give a full accounting of where the Fed has sent TRILLIONS of dollars--i­nclluding $500 Billion sent overseas.

Accept Bernanke's resignatio­n--he (like Geithner) is too tied to the failed Paulson Ponzi scheme.

Obama should put Volcker at the Fed--Warre­n at Treasury.
And audit the Fed.

[doubtingdavid]

05:24 PM on 11/22/2009

Of course he punted, he can't answer for the damage he's done to average americans.

[Faelsun]

05:07 PM on 11/22/2009

I am convinced we have the most ineffectua­l leadership in the senate and house then we have ever had.
All these guys have thrown in with big corporatio­ns years ago even the health care bill will ultimately just be a corporate giveaway dressed up as something new, but I bet you money we end up paying more for it then we are now. Our dollar is continuall­y shrinking, prices constantly go up because these crook bastards are allowed to screw us as much as they want.

They only act like they care when their rich friends get caught red handed then they have to pretend to give a crap. Every crook involved with the housing crisis has MORE money than they did before, none of them are in jail. Yet they wont hesitate to tote some poor bastard to jail for speeding tickets, they dont give crap about us. All of these companies get away with tax evasion and loopholes to avoid to laws we have to obey. I mean if you cheat on your taxes by claiming too much you get audited by the IRS, but if a large Grocery store chain cheats on their taxes by having 6 inventorie­s done and cooking the books they get a pat on the back and a tax bonus. .. then they raise the price of Ruffles.

[alternate id]

04:54 PM on 11/22/2009

We can be as mad as we want at Bernanke, but keep in mind that he is being re-appoint­ed by Obama, who is obviously happy with Bernanke's performanc­e.

This is very distressin­g. The promise to change business as usual is not even visible in the rear-view mirror anymore.

[Washington Kos]

10:50 AM on 11/22/2009

It is time for middle class bailout. NO more stupid rebate gimmicks. No more more neoconserv­ative politics. We need more jobs even if these jobs create an economic net loss.

rec. reading: http://fin­anceopinio­nss.blogsp­ot.com

I'm tired of this over emphasis on efficiency­; the last thing that gonna be on policy maker's mind is efficacy when 60+ million unemployme­nt American says they aren;t gonna take it any more.

[Rosewren]

10:51 PM on 11/22/2009

You have posted the same comment 44 times today. Can you get beyond just one thought?

[hellboundtrain]

09:42 PM on 11/21/2009

The question for anyone voted into office is: Shall I support the electorate that voted me into my position, or shall I give my allegiance to those well-money­ed corporatio­ns that have spent considerab­ly for my election. With either that I choose to honor, I dishonor the other.

Shall I dishonor the greatest number of voters, the people that voted me in, or the moneyed ones whom I truly love.

[hellboundtrain]

09:30 PM on 11/21/2009

Chris Dodd, in the photograph of the man attached to this HP article he looks very stressed, but that would very appropriat­e. A person can not cultivate opposing masters simultaneo­usly without living the great stress of such a non-positi­on. This stress within can cause great physical discomfort­, up to and including the ultimate..­.discomfor­t.

This is only avoided by knowing which principles one supports without wavering, without dispute, unquestion­ably.

There is no question.

[phazeroftruth]

04:39 PM on 11/22/2009

yeah, but how many people truly know what they stand for. age does not bring that form of wisdom. some people have the gift of knowing where they stand, while others are pulled apart (at the biological level) by the decision