After heated debate, the Senate on Thursday confirmed Ben Bernanke to a second term as Federal Reserve chairman. Supporters, including President Obama, had warned that rejecting Bernanke would panic investors. But opponents said Bernanke's easy-money policies had fueled the housing bubble, and that his bank bailouts further damaged the economy. The 70-30 vote marked the weakest endorsement ever for a Fed chairman. Did Bernanke deserve a second term? (Watch an AP report about Ben Bernanke's confirmation)
No way. He deserved the boot: The Senate had an opportunity to hold Ben Bernanke accountable for his mistakes, says Simon Johnson in The Huffington Post, which is the real key to stabilizing financial markets. Instead, senators gave Bernanke the green light to concoct "larger bailouts" -- at taxpayer expense -- the next time big banks get themselves in trouble. "What kind of fiscal responsibility strategy is this?"
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