Republican Presidential Candidates Vow To Oust Fed's Ben Bernanke

(Ros Krasny) - Ben Bernanke, if a Republican wins the White House in 2012: you're fired.

The Federal Reserve Chairman, architect of unconventional policies to shore up the shaky U.S. economy, came under attack at the Bloomberg/The Washington Post Republican Presidential Debate at Dartmouth College in New Hampshire on Tuesday night.

And unlike the eight candidates, who had the chance for a rebuttal any time their name was mentioned, the criticisms of Bernanke were left to stand.

Newt Gingrich led the charge. Asked if the nationwide Occupy Wall Street movement had a valid grievance about income inequality and the out-sized influence of big banks, the former House speaker pivoted:

"If they want to really change things, the first person to fire is Bernanke, who is a disastrous chairman of the Federal Reserve," said Gingrich.

"Bernanke has in secret spent hundreds of billions of dollars bailing out one group and not bailing out another group. I think it is corrupt and it is wrong for one man to have that kind of secret power."

Bernanke, a former Princeton professor, was appointed to lead the Fed by Republican President George W. Bush -- he also served as chairman of Bush's Council of Economic Advisers for a time -- and was reappointed by Democrat Barack Obama in 2009. His term as chairman ends in January 2014.

"I wouldn't keep Bernanke in office. I would choose someone of my own," said Republican front-runner Mitt Romney, who did not include Bernanke when doling out praise to Bush and Treasury Secretary Henry Paulson for pulling the financial system back from the precipice in late 2008.

For Congressman Ron Paul, needling the Fed has been a decades-long endeavor spanning various leaders.

"If I had to name one person who did a little bit of good, that was Paul Volcker," the Fed chairman from 1979 to 1987, Paul said, adding that "nobody satisfies me."

Paul termed Bernanke's predecessor, Alan Greenspan "a disaster" because of policies that fueled investment bubbles such as the early 2000s Internet stock boom and bust.

"Bernanke compounds the problem," Paul said. "He's inflating twice as fast as Greenspan was."

Herman Cain, the Godfather's Pizza magnate, drew a distinction between the good Fed of yore, when he served on the board of the Kansas City Fed in the 1990s, and the bad Bernanke version.

"I don't agree with the actions of this Federal Reserve. I don't agree with the actions that have been undertaken by Ben Bernanke," said Cain, who said he had some good chairman candidates in mind.

Ironically, Texas Governor Rick Perry, who got the ball rolling on Fed bashing in August by suggesting the mild-mannered Fed chief might not want to venture down to the Lone Star state, left the attacks to his rivals.

(Reporting by Ros Krasny, Editing by Sandra Maler)

Copyright 2011 Thomson Reuters. Click for Restrictions.

Comments

[sjaent2001]

12:34 AM on 10/14/2011

'''''Bernanke, a former Princeton professor, was appointed to lead the Fed by Republican President George W. Bush -- he also served as chairman of Bush's Council of Economic Advisers for a time -- and was reappointed by Democrat Barack Obama in 2009. His term as chairman ends in January 2014.""""" writes(Ros Krasny) - Ben Bernanke, if a Republican wins the White House in 2012: you're fired.

The long chain of Presidential Posts Apprentices (candidates)are learning fairly fast --- see how they read between the lines and look at firing first then hiring no wonder CE/BO jobs bill does not come under the scrutiny of LaBoehnerou$$ house review. The republicans know that they are perfect TRUMPERS and without going through apprenticeship they start firing anywhere --- see how much firing was started unnecessarily by the Great Elephanter GWB and company all through his terms he kept firing aimlessly and see where we all ended and then CE/BO stilll in three years could not stop the firing so the voters beware in this voting wr/fre let us select those who know how to do the RIGHT JOB. WE should grow up and say enough of firing aimlessly and continuation of the firing ambitions candidates squad. So God help US.

[Y3rMawm]

02:08 AM on 10/13/2011

Like changing the driver of this short bus will really fix anything.

[softcement]

12:50 AM on 10/13/2011

But Pizza man thinks Maestro was the best Fed Chairman. Perhaps if Pizza man wins, he can bring back Maestro. Wall Street would sure like Alan back.

[Chubbster]

06:00 PM on 10/12/2011

Oust? It's simpler to say "You are fired.'

[RTfromIL]

09:39 PM on 10/12/2011

The Fed chairman cannot be fired - he will serve out his term.

[north of the boarder]

05:57 PM on 10/12/2011

And who do you replace him with? Newt?

[L1berty]

07:49 PM on 10/12/2011

It doesn't matter who he replaces him with the problem won't go away. The fed needs to go period. The first step we could take is legalizing competing currencies. Faith in the US dollar is gone and it won't be coming back. If our economy is to experience growth it will be under a sound money system with an inelastic currency that can't be manipulated by central bankers to the benefit of corporations and shareholders. It's the only system that will restore confidence, but for now in order to dramatically reduce the suffering we are about to experience we must dramatically cut spending and reduce taxes and pay off the debt now so we can go back to saving money. Savings is where we'll find the capital to invest in opportunities. Then we'll get our jobs back. Jobs that won't go away. We need to live within our means or economic law will force us to live beneath them. You cannot borrow you're way out of a crisis the interest payments alone will bury any progress we make.

[Marcus1]

05:56 PM on 10/12/2011

"Republican Presidential Candidates Vow To Oust Fed's Ben Bernanke "
The people who masterminded the collapse of the economy should not get to fire anybody except themselves.

[nogimmicks]

05:33 PM on 10/12/2011

Unfortunately in reality the bankers appoint the government, not the other way around. They may appoint another Chairman-representative or the watch the R-team replacing their twin D-team, but they will never voluntarily cede control over steady flow of trillions into their pockets.

[hypnotoad72]

04:55 PM on 10/12/2011

Who will replace him?

And why be upset with Bernanke?  Bush (a GOP representative) brought him in, and was kept by "bipartisan-conscious" Obama.

These guys usually don't pick people by accident, blind choice, chance, pot luck, or even raffle.

[Marcus1]

05:58 PM on 10/12/2011

That just makes too much sense. This is bizarro world we are talking about.

[Chubbster]

06:01 PM on 10/12/2011

I don't think you realize the fantastic damage he has done.

[fortressfountain]

04:24 PM on 10/12/2011

If I was this man, being everyone wants me to go-I would raise the interest rate to double digits and increase the value of the dollar.
That would irritate wall street to no end.

[Fatdoggie]

04:12 PM on 10/12/2011

This ring of clowns is just pandering to the Teabaggers. No a one of them is going to remove a weak dollar Federal Reserve Chairman who is responsible for the inflated commodities that are enriching the GOP donors and the %. A strong dollar will start a money flow back to the middle class and the American worker they have worked so hard to destroy.

[Tom Langley]

04:07 PM on 10/12/2011

Lest we forget, folks. The Fed is independent, it's owned by private member banks. The appointee works for the board member banks, NOT the president. If the Fed worked for the government, why can't we just direct them to erase the $1.4 Trillion in debt from QEII? No need for a SuperCongress, right, jsut tell the Fed to write it off? Ron Paul suggested it, but Big Media REFUSE to make it apparent to the American People that their currency is managed by an international criminal cabal of fraudsters called teh WorldBank/IMF/BIS. But the mdia are their slaves as well, so the still water runs deep and the ignorant American electorate blames the Government, who works for the Banks and Global Corps..

[SurfinSteve]

03:15 PM on 10/12/2011

How is Romneys' support of TARP going to be viewed by the Tea Party, if they still matter?

[Fiona Mackenzie]

02:06 PM on 10/12/2011

...better than the previous threat from Texas, which I understand is often code for lynching.

[Dewts]

01:47 PM on 10/12/2011

he would just be replaced by another of the same ilk. we have to get away from the notion that printing money is healthy or sustainable, get away from the central planning of the economy.

[jeliz]

01:37 PM on 10/12/2011

Stocks ain't tumbling, folks. The stock market is up so far today. Bernanke was appointed by a Republican and sat on his board of economic advisers. I don't understand why they're getting rid of him now. It's not his fault. The Banks and Wall Street have a lot to do with the economy tanking. They took risks they shouldn't have and "hedge" funds are just as their name implies: It's gambling on a huge level. This isn't Vegas. Go gamble with your own money, not America's. The repeal of financial regulations is also a problem. They need to reinstate Glass-Steagall and give these people some rules to live by. The obviously cannot govern themselves.