Bernanke Confirmation Hearing, Two

Picture 161Follow along on CSPAN3.

Nothing terribly exciting from Corker or Menendez. But Bailout Ben keeps talking about the stress tests as if they’re something worth bragging of.

DeMint: We never bought one toxic asset and the entire banking system did not collapse. The precise we used to create TARP was never followed through on so it’s difficult for me to believe we saved the economy.

Bernanke: To fix TBTF: tougher regulation, a resolution regime that will allow govt to wind down, allow creditors to take losses.

I guess Glass-Steagall isn’t an issue.

Tester: Dodd’s regulatory reform bill?

Bernanke: Disagree about Fed’s role. Regulatory expertise and need to know.

Tester: Taking turf issue off table, does it address TBTF.

Bernanke: Not a turf issue.

Judd Gregg giving Bernanke a big smooch. Along the way he says, “You could be in a Dan Brown novel,” trying to push back against suspicion of Fed.

14 replies
  1. Loo Hoo. says:

    Quiet here, so I wanted to share what I found on Air America about a third possibility for passing health care in the senate. News to me.

    *55 not 60? Third, by agreement between the Senate leader and the vice president sitting as presiding officer, the Senate at the start of the next session in January, 2011 could reduce the number required to cut off debate (“vote cloture”) from 60 to 55, which would be the difference between minority rule and minority rights.

      • nomolos says:

        Sad but true. In England, post war, the Liberal Party lost drastically but still held a strong (12) votes… all solidly Liberal and all willing to hang together when it came to having the decisive votes on important issues. The parallel in the US would be 5 or 6 Senators (and 20 Reps?) willing to vote as a block and therefor hold “power in their hands” on important issues.

        I, for one, will be supporting ONLY identified, verifiable Progressives in future elections. No marginal maybes.

  2. JTMinIA says:

    It may be quiet because sometimes misery doesn’t want company. It just wants it to stop, but knows that it won’t.

    • sundog says:

      I missed it, but I’m not surprised. For the Fed, it isn’t about the economy, it’s about SS/Medicare being a pot of gold the wealthy haven’t been able to plunder.

      Tax the rich? Are you high, they would go Galt and they would flee to all of those other non-existent developed countries that are as lenient on the wealthy as we are here. Can you imagine what that would do to our economy?

      Day after day I watch as America craps itself and falls back in it, then suffer through the bemused mainstream media’s analysis of what caused the stink and how to clean it up. Unfortunately, the answer appears to be that there isn’t quite enough crap yet to soften the fall.

      • dakine01 says:

        they would go Galt

        We can only hope and dream that they do so. The whole world would be much better off if these parasites would go away and leave us the hell alone.

        • sundog says:

          BTW, I should have placed “snark” tags after the going Galt comment. I to agree that there wouldn’t be anything better for America than if the top 1% parasite class got off of our backs.

          I’ve come to view the Fed Chairman like the high priests from ancient cultures, going before the ruling body periodically and telling them who to sacrifice in order to ensure their power. The only difference is they’ve become much more efficient in sacrificing thousands of lives with a single edict. That’s “civilization” for ya’.

      • Leen says:

        They did that and are still doing that. The multi nationals…manufacturing moved those jobs to Mexico, China, etc etc years ago.

  3. Leen says:

    DeMint “we need to do something to restore the Americans faith”

    Damn straight! Since it is the American taxpayers money you folks have been handing over to the fat cats on Wall street.

    Plenty of money going to Wall Street and wars.

    And these same folks have the cojones to block access to health care for all.

  4. freedummy says:

    Bernanke, Greenspan, Moe, Larry, Curly… it doesn’t matter who runs the Federal Reserve, the whole thing is illegal and unconstitutional. We need to stop playing these banking games that we can’t win. With this monetary system, money = debt… and we are all slaves.

    federal reserve act

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