Panic is also evident in Harry Reid’s caucus, where the Brown victory put in sudden doubt Obama’s nomination of Ben Bernanke to a second term as chairman of the Federal Reserve. Sens. Russ Feingold and Barbara Boxer immediately bailed on Bernanke, as has Sen. McCain.
Liberals are asking why they should go to the wall to confer a second term on a Fed chairman appointed by George W. Bush.
Reacting to the president’s attack on the Street and the sudden peril to Bernanke’s reappointment, the Dow went into a three-day dive that wiped out 5 percent of its value. Should Bernanke be rejected, it is said, the effect on Europe’s markets will be like that on Europe’s monarchs when news arrived that Louis XVI had gone to the guillotine.
“Chairman Bernanke helped the president … steer through some very turbulent times and rough waters,” said the White House Monday.
Fine. But was not Ben in the wheelhouse when we hit the iceberg? And never saw it. In his first two years, did he not preside over an easy money policy that fueled the housing boom that created the housing bubble, the popping of which brought on the crisis from which the good professor has helped to save the republic?
If a snoozing camper’s unattended fire sets Yellowstone ablaze, do we single him out for honor for alerting the park rangers and leading a bucket brigade?
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