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article imageOp-Ed: Voting Bernanke Back Was the Right Thing

By Michael Bearak     Jan 28, 2010 in Business
Regardless of the detractors Senate did the right thing today by bringing back Ben Bernanke as the Federal Reserve Chairman today.
The United States Senate had only one option today and that was to bring back the Ben Bernanke to head the Federal Reserve for another four years.
The first thing that is lined up against Bernanke is he is following the most popular chairman in history in Allan Greenspan. Greenspan also was the longest serving chairman at just shy of 19 years. So right off the bat Bernanke is having to fill very deep shoes. Giving Bernanke at least one more term should allow him to get out of Greenspan's shadow a little bit.
Another thing to Bernanke's defense is that he took over in 2006. It was during the escalation of Iraq war along with the drain on the economy as well as the very beginning of the build up to the housing market bubble burst. The fact is he inherited a troubled economy and then worked with a lame duck president in George W. Bush. Now he is having to contend with a free spending president in Obama, with stimulus packages, bailouts and otherwise. The debt has exploded, unemployment has sky rocketed and it just wouldn't have been right to toss him out after 1 session of an extremely turbulent economy.
Ben Bernanke has yet to have a chance to demonstrate what he can do with a stable, level economy. If everyone deserves a fair chance the question would be best posed, "Has Ben Bernanke had a fair chance?" I don't think he has, a second term is only fair. Now it is possible that in a few more years he will be facing a new White House Administration in his final year of his second term, which could save him again.
Just the same if Obama is re-elected then there is no excuse, except for the possibility of the economy not stabilizing. It is easy to think that with the current spending patterns of this White House the economy might not stabilize very soon. Just the same I have to say that it should be part of Bernanke's responsibilities to stabilize our economy and if he doesn't or at least take steps to try and stabilize the economy then 2014 should be the end of his chairmanship.
So today the Senate did the only thing they could possibly do and that was to vote Bernanke back for another term.
This opinion article was written by an independent writer. The opinions and views expressed herein are those of the author and are not necessarily intended to reflect those of
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