OAK BLUFFS, Mass. – President Barack Obama announced Tuesday he wants to keep Ben Bernanke on as Fed chairman, saying he shepherded America through the worst economic crisis since the Great Depression.
“Ben approached a financial system on the verge of collapse with calm and wisdom; with bold action and out-of-the-box thinking that has helped put the brakes on our economic freefall,” said Obama, with Bernanke standing by his side. “Almost none of the decisions he or any of us made have been easy.”
Obama made the announcement while on vacation on the island of Martha’s Vineyard off the coast of Massachusetts after aides said initially that the president intended a news-free week there. Both he and Bernanke sported the open-collar look.
Bernanke, 55, is credited with turning the economy away from its deepest and longest recession since the 1930s. Now he faces the challenge of meeting White House expectations to chart the full economic recovery considered critical to Obama’s legacy.
In sticking with a Republican for the nation’s top banker, the Democratic president was aiming for stability at a time of continuing, though easing, crisis. The move was designed to reassure the U.S. financial sector as well as foreign central banks that the Obama administration isn’t changing course on its largely well-received approaches to the financial meltdown and overall monetary policy.
The announcement also came nearly concurrently with a piece of bad economic news. Obama interrupted his vacation to telegraph his decision just ahead of a White House report that gave more bleak assessments of the nation’s deficit picture.
To borrow a quote from the Obama campaign…”That’s not change, it’s more of the same”.
I personally think this is a great thing.
Since January of this year I have made 3 times as much money in the stock market as I have made from my salary. I’m a lawyer of 16 years so my salary is not small.
I say full steam ahead, Capitalism is great.
The criminal’s run continues.
These cowardly thieves are robbing America blind, funneling off was high as $23 trillion already.
Only a bottom feeder or an ignorant fool would think Bernanke and Obama are doing anything good, anything other than racketeering.
#2
It sounds like you’re one of the unlucky fools who can’t seem to follow a bouncing ball. If you had any brains at all you would be making money hand over fist like me and all other good capitalists.
Instead you just wallow in your sadness blaming everyone else for your lot in life. Sour Grapes!
Get off your lazy ass and start earning some money crybaby.
Hope and Change. Har,har-de-har.
Listen, folks, as long as there is a two party system running the country, and the Congresspeople just want to get re-elected to continue on the gravy train with private jets, free food, and free everything else, and a full pension FOR LIFE, don’t expect any damn Change. The System is so totally rigged, it is insane. And the definition of insanity is to do the same thing over and over and expect different results. So why Senators get elected for life is beyond me, but the people are too stupid to do anything about it.
The excerpt above with the reference to Pres Bush, suggested to me that maybe this article is a bit old…
@Capitalism
You’re a two-bit criminal and a two-bit bully who belongs in jail with your soulmate Bernie Madoff.
@Faxon
It’s not a two-party system when criminal corporations bribe both parties to pass laws their corporate lawyers wrote, which set up racketeering and other scams.
Our system of government is run by incompetent scoundrels and bullies who can’t tie their own shoes without rigging the game, bribing the judges and otherwise breaking the rules in ten ways.
Then, when they’ve committed crimes that ought to get them drawn and quartered, they declare themselves “winners”.
Bernie Madoff and Jack Abramoff are ultimate examples “winners” in US capitalism.
#7 EXACTLY my point. The two party system is a ONE party system!
@Amsterdamned #6
Maybe, but I have more money, more cars, more women, more boats, more fun, a bigger house and overall a better life than you.
The American way, long live capitalism.
(by-the-way everything I do is legal, so I’m not sure why you call me a criminal)
Anyway, time to go home to my 5600 square foot house. Perhaps I’ll take out the Ferrari this weekend.
#1,3,9 – I’d bet “Capitalism” is a 30+ year-old friendless virgin living in his mother’s basement.
You can make that bet chuck #10,
but I wouldn’t go all-in on that bet if I was you. My Mother passed away when I was 10 years old, and my Father who had to work hard to support our family taught me that there is nothing more important than having lots of money. Everyday I thank him for teaching me that lesson because it’s true. I can do anything I want or get anything I want at any time I choose. You may say that is not “real” freedom, I beg to differ, I am free to do anything I want. (within the law)
So chuck, if it makes you feel better to imagine me as not being successful, that’s ok – whatever gets you through, but don’t kid yourself: if you have enough money, you are insulated from almost everything.
He’s not a criminal, he only “should be” a criminal. He defaults to a parasitic leech demonstrating why the stock market does not serve society well. Too many robber barons ((again not actually criminals, just “should be” criminals, but still leeches)) play in that shit pile indeed thinking of themselves as “self made men” and capitalists.
LIEBERTARIANS get hardons pretending to be just like them.
But seriously, you don’t post like a successful person. To each his own.
With the way Congress is spending I’d say the guy has been given an impossible job.
What would YOU DO if you had his job?
Complain on DU? I think #14 has it just about right…
It will be interesting 5 years from now to see what happens!
WOW!
What effen bullshit. Obama wants continuity at the Federal Reserve so asked the current Chairman to stay on for another term. So what does the editor here do? They drag the depths for a nine month old article from the right wing Wall Street Journal as they watched their guy go down to a humbling defeat.
If you want to discuss Benanke then why not post something current?
Just another hit producing, sensationalist post.
@Capitalism
You’re a 12-year-old troll and you’ve never worked a day in your life.
But hypothetically, if you were a man and not a fat little turd, saying “it’s legal” holds no weight whatsoever. Slavery was once legal too, that didn’t make it right.
It’s also now “legal” for the government to take you off the street and hold you without charge for months, which if you *were* lawyer you’d know, but that doesn’t make it right (as much as I think you deserve it).
Furthermore, only the most shallow people, like 12-year-old boys such as yourself, actually think that having money is winning. Your stating that it does shows you’re junk a punk with no experience in life.
#16. WTF are you talking about? The article is current. And Bernanke is an utter failure. Continuuity is fine unless it’s failing miserably.
What an idiot.
No surprise here.
“And the Bush legacy continues unabated.”
More like the Banking lobby gets to keep its man in office. What a surprise. Obama didn’t rock the boat. As for Wall Street doing better. Yeah, if your money is really coming from an ever growing taxpayer deficit. Via government bailout and contracts. I’m not surprised the market is showing improvement. And don’t forget, at least have of those funds were pre-approved by the Bush administration. It’s not all by Obama.
And if the Republicans, and some of the blue dog Democrats, are so effective at thwarting every bill that Obama comes up with. How come they’re all for one, and one for all, at approving all this money for multi-billion dollar industries. THAT, they can get behind. Just as they got behind NAFTA under Clinton.
The two party system (or 3?) is such a joke. It’s a one party system whenever it comes to making these sweetheart deals.
#20
Which is why no Republican voted for either Obama’s budget or the stupid stimulus package. BUT as you know
“WE are the CHANGE, WE’VE been waiting for…” according to Obama.
Nancy Pelosi stuck us with a $3.5 TRILLION budget and said “Decisions are liberating, by deciding to support this budget, members are freeing themselves from past mistakes and stale assumptions. They’re unleashing the possibilities of the future.”
Do you feel 9.7% unemployment is liberating? My legislature here in CA is liberating me to the tune of 11.9% unemployment (though the real number is much higher because it doesn’t take into account all the consultants etc.) .
What people have forgotten is that leftist policies never have worked no matter how the message is delivered. This stuff NEVER works, and you just have to wait out the pain until the adults get back into power.
Make no mistake. There is a difference between Bush hires and Bush policies. The shallow would like to point out the similarities to deflect criticism. Smart people like me know better.
I have no problem Obama hiring the best persons for the job. Unlike President Cheney and his special needs secretary, president Obama will choose from those who will carry out his policies.
McCullough,
You changed the intro without mentioning it. That is deceitful.
Yes, One of the editors caught that I accidentally linked to an older article. I changed it before you posted…so how is that deceitful?
You gotta love this. The NDP has done all it could do for the GOP. With no fees. If only the Libertarians could get so lucky.
capitalism- if you are so wealthy and have so much to do with your wealth you wouldn’t be typing comments on a f**king blog you stupid c**t! you’ve got the lying part down. couldn’t pass the bar?
#26 I was clear in pointing out that what matters is policy and execution. This important mention evidently went over your head, amigo.
Your fascination and defense of the horrible Cheney presidency and his bitch indicate you might have been sexually abused as a child by a Laurel and Hardy similar looking couple.
#29 Listen to me, son.
It’s not your fault.
It’s not your fault.
It’s not your fault.
I’m still looking for the powers enumerated in the Constitution for the Federal Reserve.
Yeah… let the Jew keep destroying the country.
We’re all gonna die.