Four Reasons Why Democrats Should Oppose the Bernanke Reappointment

For OpEdNews: Bernie Sanders - Writer

Dear Democratic Colleague:

The American people today are suffering through the worst economy since the Great Depression with 17.3 percent of the American workforce either unemployed or underemployed. Millions more have lost their homes, their savings, their health care and their pensions. At a time like this let me provide four reasons why Ben Bernanke should not be confirmed as chairman of the Fed.

1) Not only was Mr. Bernanke first nominated to the Fed by President George W. Bush, but he served in the Bush administration as chairman of the Council of Economic Advisors. Let us never forget that the Bush years, even before the collapse of Wall Street, were an economic disaster for the average American. Mr. Bernanke, who was recently endorsed for reappointment by Alan Greenspan, played a major role in the deregulatory efforts that enabled major financial institutions to engage in reckless and illegal behavior. The American people gave us the responsibility to bring about change, not the maintenance of the status quo. Why, at this difficult moment in American history, should we reappoint Wall Street's candidate as chairman of the Fed?


2) One of the main functions of the Fed is to maintain the safety and soundness of our financial system. No one can deny that Mr. Bernanke, as chairman of the Fed, was asleep at the wheel while Wall Street became the largest gambling casino in the history of the world and hurtled into insolvency at enormous cost to our country. Not since the Great Depression has our financial system been as unsafe, unsound and unstable than under Ben Bernanke's tenure as chairman of the Fed. Why should Mr. Bernanke be rewarded with reappointment after he failed so terribly to do his job?

3) As part of the bailout, the Fed lent out trillions of dollars in virtually zero-interest loans to large financial institutions. Mr. Bernanke has consistently refused to provide the transparency needed so that the American people can learn which banks received those loans and the terms that were provided to them. In addition, the Fed continues to keep secret a number of documents related to its role in the AIG bailout. Why should this type of secrecy be tolerated?

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http://www.opednews.com/articles/Four-Reasons-Why-Democrats-by-Bernie-Sanders-100125-501.html

If he was a doctor, he'd be in a major medical malpractice suit about now.

If he was a civil engineer, he'd have lost his license.

If he was an elected politician, he'd have lost re-election

If he was the CEO of GM, he'd be out of a job.

It's time for some heads to roll around here. Some times "trying your best" isn't "good enough" in the real world. This isn't nursery school where "You just need to try your best". This is working at the highest levels where you succeed or leave.

along with his cronies at or from Goldman Sachs.