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?"
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Why does the U.S. need China's rare earth metals?Today's Big Question Beijing has a 'near monopoly' on tech's raw materials
-
When did divorce begin?The Explaine Couples have always split up, but the institution has undergone major changes over the years
-
What are your retirement savings account options?The explainer The two main types of accounts are 401(k) plans and individual retirement accounts (IRAs)
