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« TARP Inspector Barofsky Announces Formal Investigation of NY Fed 'Misconduct' In Secretive AIG Bailout | Main | NBC Reporter & Wife of Alan Greenspan, Andrea Mitchell Shills For Bernanke (VIDEO) »
Tuesday
Jan262010

Bernanke Vote Update: Durbin 'Yes'; McCain 'No' (VIDEO)

Video: Senators John McCain and Dick Durbin discuss Ben Bernanke's confirmation vote on CBS Face the Nation -- January 24, 2010

Partial transcript, quotes, links and statements from both are inside.  We also have an updated tally on the 'Bernanke vote status' of all 100 Senators.

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Have fun, CALL multiple Senators  >>

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Updated Bernanke vote status for all Senators  >>

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The Bernanke discussion begins at the 3:20 mark.

  • Schieffer: "Senator, a lot of unforeseen opposition suddenly cropped up last week to the confirmation of Ben Bernanke to be the chairman of the Federal Reserve. I now count some 10 senators, five Republicans, five Democrats who say they're going to vote against him. Are you going to vote for him or against him?"
  • McCain: "I'm-- I'm very skeptical about his nomination. I'm worried that if his nomination is turned down the effect that it might have. But the fact is that Chairman Bernanke was in charge when we hit the iceberg and his policies were partially responsible for the meltdown that we experienced. I think that he should be held accountable."

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McCain's announcement that he will vote no was likely spurred by the recent announcement that JD Hayworth, a '94 Newt Republican, will challenge the former GOP Presidential candidate for his Arizona Senate seat in November.

From McCain's statement:

"Our country is still facing an economic crisis and while I appreciate the service that Chairman Bernanke has performed as Federal Reserve Chairman, I believe that he must be held accountable for many of the decisions that contributed to our financial meltdown.

"Therefore, I plan to oppose Chairman Ben Bernanke's confirmation for a new term as Federal Reserve Chairman."

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For his part, Durbin met with the monetizer himself this afternoon behind closed doors, and emerged announcing his support for Bernanke.

From Bloomberg

Federal Reserve Chairman Ben S. Bernanke pledged “transparency and accountability” at the central bank, especially on the American International Group Inc. bailout, while reiterating his opposition to audits of monetary policy, Senate Majority Whip Richard Durbin said.

“He was very frank and candid in acknowledging that mistakes were made at many different levels” before the financial crisis, Durbin of Illinois, the second-highest-ranking Democrat in the Senate, told reporters today after meeting with Bernanke on Capitol Hill.

Bernanke acknowledged “that some of the early statements made for example about AIG counterparties went too far,” Durbin said.  “He said at this point he can say clearly that there will be transparency and accountability at the Federal Reserve.”

Bernanke, 56, is the “best person for the job,” Durbin said.  Because some Democrats will oppose Bernanke, some Republicans would need to join Democrats in supporting the Fed chief, Durbin said.

“I don’t take anything for granted until the final vote,” Durbin said.

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(Just screenshots...video is above)

 

 

 

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Reader Comments (9)

http://www.politico.com/news/stories/0110/31966.html

John McCain is latest 'no' on Ben Bernanke
Jan 26, 2010 at 1:37 AM | Registered CommenterDailyBail
This should be enough for a "No" vote. Kyle Bass took it upon himself c.2006 to go to both Bear Stearns and to the Federal Reserve and warn them about what he saw brewing in securitized mortgages. Bernanke's boys and girls couldn't understand what he was talking about. We know the rest of the story. Simply amazing. I had no idea Bass had done that. Make HIM Fed chairman, for Pete's sake.
http://www.youtube.com/watch?v=CeR_YFC35o8
Jan 26, 2010 at 1:48 AM | Unregistered CommenterJames H
i'll check the clip in a few minutes...don't know if you saw it but i put some commentary from you in this story...

found your comments on clusterstock....

http://dailybail.com/home/larry-summers-on-paul-volcker-obamas-banking-proposal-glass.html
Jan 26, 2010 at 2:13 AM | Registered CommenterDailyBail
Hey, nice. I hadn't noticed before. Somehow I guess wasn't up to listening to Summers talk about regulation. (Did he always talk like that?)
Jan 26, 2010 at 2:16 AM | Unregistered CommenterJames H
http://kunstler.com/blog/2010/01/-a-lot-of-things.html

Did you read this beauty on Obama from Kunstler...?
Jan 26, 2010 at 2:19 AM | Registered CommenterDailyBail
Yep, JHK at his acid best. Saw it yesterday. Now, JHK is no conventional leftist or Dem, but Obama's come a long way in the last year. (Down.)

"Now, one big question is how come the president waited until after the Massachusetts election debacle to man up with the banks? Did it only just come to him that they were looting the nation -- with government assistance? Pretty obviously nobody will believe that Mr. Obama is sincere about reining in fraud-ridden Wall Street until he issues pink slips to the Goldman Sachs alumni who have been running him like a radio-controlled monster truck..."
Jan 26, 2010 at 2:46 AM | Unregistered CommenterJames H
@DB

My last rant here...sorry for the repeat


this day in USA history again:
Prepare fo survival Fellow Americans

FELLOW AMERICANS...........REVOLT ONLY SOLUTION LEFT

Top Economists - Another Economic Disaster Coming
http://www.youtube.com/watch?v=MYvUSw51QKg

HOME GROWN WALL STREET BANKER FONANCIAL ALQAEDA

WORKING CLASS MUST REVOLT NOW.....STOP ALL PAYMENTS TO ALQAEDA

STARVE THE BEAST NOW=NON VIOLENT REVOLT

WE MUST BAIL OURSELVES OUT NOW

seekanddestroy, we are already paying higher rates to the banks. These banks that´╗┐ lost a ton of cash jacked up rates on credit cards and other loans, then dropped interested on CD's and Savings. That is one reason they made money last year. It don't matter what the gov does in the form of new taxes, when ever a bank needs money they are going to bleed it from the people who do business with them.
Jan 26, 2010 at 1:15 PM | Unregistered CommenterKen
"WE MUST BAIL OURSELVES OUT NOW"

Careful Ken, the authorities might claim you're INSTIGATING bank robberies. This is one of those sad cases where you CAN'T join 'em if you can't beat 'em.
Fuckers.
Jan 26, 2010 at 7:36 PM | Unregistered CommenterRecoverylessRecovery

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