Considering yesterday's amazing victory to obtain an audit of the Federal Reserve as an amendment in a Financial Reform bill passed out of committee, today we have the most amazing report.
Senator Chris Dodd, Senate Banking Chair says:
Mike Stark: “Is it a foregone conclusion that he’ll be confirmed?”
Senator Dodd: “Not necessarily, not necessarily, we’ll see how members react.”
Mike Stark: “What do you think his chances are?”
Senator Dodd: “Well I don’t know, as Chairman of the committee I don’t want to speculate how other members feel about it, we’ll see what happens.”
So, the winds may be changing for Bernanke. The hearing is on December 3rd. What I would like to know before bashing Bernanke, is who would be his replacement? If it's Larry Summers, then yea rah Helicopter Ben.
Previously the confirmation of Ben Bernanke for another 4 years as head of the Federal Reserve was a foregone conclusion according to Senator Dodd.
Now notice this is somebody sticking a camera in Dodd's face so maybe this is one of those "gotchas". Again, I would like to know who would take Bernanke's place before jumping on a possible frying pan to fire bandwagon.