Wednesday, January 27, 2010

Mish: Bernanke Buys Votes To Keep His Job

Mish Shedlock has a colorful note about Bernanke today. Apparently, Bernanke has met with 24 senators to secure votes to keep his job. Citing Bloomberg, he says:

"“In all my years of doing this, and I have been doing this since 1996, I have never seen a Fed chairman put a full court press on Congress, especially on the Senate Banking Committee,” said Ken Thomas, a lecturer in finance at the University of Pennsylvania’s Wharton School who routinely reviews the daybooks of Fed chairmen."

“This is unprecedented political contact for a Fed chairman in such a short period,” Thomas said, “especially considering Bernanke’s vow before his first Senate confirmation hearing that ‘I will be strictly independent of all political influences.’”

Mish adds:

"The list of politicians and bank CEOs Bernanke met with in the article is stunning. The key point however, is Bernanke broken vow ‘I will be strictly independent of all political influences.’That makes Bernanke a liar as well as a hypocrite."

"However, the key point is Bernanke will only honor promises if they are in the best interests of the big banks.Other than protecting the Big banks interests, the only other thing Bernanke cares about is retaining his position as Fed chairman. If that takes political pandering, lies, and hypocrisy, Bernanke has more than proven to be capable of the task."


Read the whole story.

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