Cornyn, Opposing Bernanke, Cites Uncertainty
NRSC chair John Cornyn will oppose the renomination of Fed chair Ben Bernanke, an announcement he made while citing uncertainty with the Obama admin's policies as a key cause of job loss.
Cornyn became at least the 13th senator to say he would oppose Bernanke's nomination to a second term, joining an eclectic group of senators ranging from conservative Sen. Jim DeMint (R-SC) to Sen. Bernie Sanders (I-VT), who once ran for mayor of Burlington as a socialist.
"I think Ben Bernanke is a brilliant and an honorable man, but one who has presided over what is a crisis of confidence of the American people, due to a lack of transparency and accountability as the guard of the bail-out and other activities by the Federal Reserve," Cornyn said on Fox News Sunday. "Regretfully I will vote no on his confirmation. I think they need a fresh start."
Worries about Bernanke's prospects mounted late this week as several senators said they would not support him. Nerves on Wall Street, thanks both to Bernanke and Pres. Obama's new rules on banks, led to 3 straight heavy sell-offs through the end of the week.
Cornyn himself said uncertainty is costing jobs, and that the admin's overreaching cost them a Senate seat in MA last week.
"The problem is the uncertainty of the administration's policies are killing jobs and making it harder for the average American worker," Cornyn said when asked about the admin's new populist approach.
"That's part of the message we saw out of Massachusetts. Higher taxes, more regulation, you know, the idea creating new entitlement programs while you are spending borrowed money and racking up debt and not dealing with the financial, the long-term financial problems that this country has in terms of unfunded federal liabilities," Cornyn continued. "Those are things that literally i think prompted the Massachusetts voters to action. This is the fear and the anger that you hear that i hear in my state and across the country, that apparently the White House has not yet heard."
Cornyn said Sen.-elect Scott Brown's (R) win this week had energized GOPers and changed the political landscape.
"We have already got a large number of excellent candidates. We have a number of primary races that will have to be played out across the country. But it's made a big difference in terms of people's interest in running and I expect we'll hear more people who decide to run," Cornyn said. "It's also helped us with the fundraising that's part of the process."
Meanwhile, Cornyn's Dem counterpart hit the Sunday shows too, telling interviewers that Dems are adapting to economic angst voters are expressing.
"I think the biggest take way there is enormous economic angst in the country. They lost jobs, their house is worth less than what their mortgage is. I believe that was a driving force of the voters in that state. It exists around the country. I think the president will address those concerns head on in the State of the Union speech," DSCC chair Bob Menendez said on ABC's "This Week."
Please, Help Us Give Ben Bernanke the "Proverbial," Boot!
All opponents of the illegal, unconstitutional, and failed Federal Reserve system must now realize that this is the hour of action. It is time for every serious intelligent person to send two e-mails and place two phone calls to the Washington and local offices of their senators demanding that they stop Bernanke. Obama should also be warned that Bernanke is an insult to the American people. Those who have been complaining about the Fed for decades now have a real chance to do something about it. These chances are very rare, but this is the best one in many, many decades. Even Paul Adolph Volcker, who had been responsible for an obscene 22% prime rate three decades ago, had an easier time getting reconfirmed than Bernanke. Once Bernanke has been defeated, it will be time to secure the ouster of Treasury Secretary Geithner, the former head of the New York Fed and currently the most visible member of the entire Obama cabinet. The basic outlines of a criminal indictment for Geithner on tax fraud and securities fraud can be culled from virtually any daily newspaper. Geithner ought to be accompanied on his trip home by White House economic czar Larry Summers, the woman-hating former president of Harvard who managed to destroy about a third of the Harvard endowment as a result of his fanatical devotion to the riskiest of financial derivatives. This and more will be within our reach if Bernanke can be checkmated over the next week or two. Check out what Government is doing behind your back at: http://www.youtube.com/watch?v=VebOTc-7shU
I support NO on Bernanke.
the fed like everyone else is confident the depression in the US is getting worse by the day!