Bernanke re-appointed

Federal Reserve Chairman Ben Bernanke is re-appointed with a 70-30 vote. Here’s a pro-Bernanke piece that  explains a lot about what the Fed Chairman does. But overall, it was a horrible decision, as it’s highly unlikely we’ll get a decent recovery with Bernanke in charge of the Fed. Of course, Bernanke’s re-appointment was sold with a lot of: “Aaugh! Shriek! We’re all gonna die unless we do exactly as the bankers say!1!!” “Second, the focus of his bailout was to return Wall Street to health while leaving the rest of the country reeling.” The TARP bail-out helped the really high-income people while doing little or nothing for the rest of us.

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