Sunday, January 24, 2010

Bernanke Fizzle Out - Update 4

Looks like Republican Senators are backing Bernanke with the view that any other alternative from this Administration will not be as Conservative as like Bernanke and hence it is better to back whatever is in the hand. Sen. Harch says so. That means the 'meme' of Paul Krugman for Fed is having the effect of GOP Senators running to support Bernanke.

Of course, continuing 'bit tainted' officials from Obama Administration is always good for Opposition because it continues to keep in news, below radar, credibility of these officials and hence of Obama Administration indirectly.

All in all Bernanke confirmation is shaping up along simple 'ideological' preferences with total ignorance of immediate past of financial mess and Bernanke's contribution to that. Those on the Left (Boxer, Finegold) are opposing whereas all mainstream Democrats and Republicans are backing Bernanke. Those Republicans who want to court Tea Party voters will be more uncertain. For example John McCain, who is not easily backing and may oppose.

The immediate need of 'pacifying' markets triumphs over longer term benefits of America.

As of today Bernanke confirmation seems to be a done deal and it is a victory for Obama Administration.

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