BluegrassForeclosure.com

Fed Chairman, Ben Bernanke is facing a tough re-appointment hearing in the Senate.  It appears that many in Congress and the general public blame him for some of the problems.

However, on can certainly argue that Bernanke helped steer us clear of the recession turning into a depression.  Further, he was appointed by President Bush, confirmed then, by a Republican controlled Senate, and now enjoys President Obama’s support.  This certainly will be an interesting confirmation process to watch, with ramifications years to come.  Here is some more from an article:

“In a boost for Bernanke, Senate Majority Leader Harry Reid of Nevada came out late Friday and endorsed him. Reid’s previous silence about his position on the Fed chief stoked concerns about the nomination. “An expert on the Great Depression, Chairman Bernanke helped steer us away from a second one,” Reid said. Still, he said Bernanke must “redouble” his efforts to help struggling Americans.

. . . .

White House deputy press secretary Bill Burton, talking to reporters as Obama headed to Ohio Friday, said the president has “a great deal of confidence” in the actions Bernanke already has taken and believes he’s “the best person for the job.”

. . . .

If Bernanke is not confirmed before his term expires, Fed Vice Chairman Donald Kohn would probably step in as chairman and run the central bank on a temporary basis.

While praised for preventing the recession from turning into another depression, Bernanke’s support of Wall Street bailouts — especially the $182 billion rescue of insurance giant American International Group Inc. — has touched a nerve on Main Street.”