Democrats Clamor For Market Chaos, DJIA 9000


And you thought today’s 200+ DJIA loss sucked? It could get seriously out of control by Monday.

Bernanke faces new opposition from Democrats

Federal Reserve Chairman Ben Bernanke’s nomination to a second term is in fresh jeopardy because of growing opposition from Senate Democrats, who have been battered by public anger about the economy and the political setback of losing a Massachusetts Senate seat to the Republicans this week.

At least four Senate Democrats have said they will oppose President Barack Obama’s decision to renominate the Fed chairman. Critics of Bernanke, who was named to his first term by former President George W. Bush, are pressing the case that he was an architect of policies that helped drag the U.S. into a period of recession and high unemployment. His term expires Jan. 31.

“It is time for a change,” Sen. Barbara Boxer, D-Calif., said Friday, hours after Sen. Russ Feingold, D-Wis., announced his opposition to Bernanke.

“It is time for Main Street to have a champion at the Fed,” Boxer said. “Our next Federal Reserve chairman must represent a clean break from the failed policies of the past.”

Bernanke received an important boost late Friday, when Senate Majority Leader Harry Reid, D-Nev., endorsed the renomination. But several other Democrats remained noncommittal.

Amid uncertainty about Bernanke’s fate, the Dow Jones industrial average dropped nearly 217 points, or 2.1 percent, on Friday, after falling sharply a day earlier on Obama’s announcement that he would pursue strict new banking regulations.

See also:
Bernanke’s Nomination in Trouble
Bernanke Reconfirmation Delay Adds to Market Uncertainty
Populist backlash puts Federal Reserve Chairman Ben Bernanke under siege
Growing opposition puts Bernanke approval in question
Opposition Grows Against Second Term for Bernanke
Wall St Week Ahead-Investors brace for earnings, Bernanke vote

Bernake is not perfect but he is the embodiment of market stability as far as investors worldwide are concerned. These frivolous Democrats had better come to terms with economic reality over the weekend and stop grandstanding.

/if this isn’t resolved over the weekend, brace for impact!

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One Response

  1. Reid Says He Will Emulate Scott Brown to Get Votes:

    http://stupidassnews.wordpress.com/2010/01/21/harry-reid-vote-for-me-or-ill-pose-nude/

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