Bernanke Confirmation. On January 28, 2010, the Senate voted 70 to 30 to confirm Ben Bernanke to a second four-year term as Federal Reserve Chairman (Roll Call 16). With Bernanke at the helm, the Fed, which can create money out of thin air, has pumped trillions of newly created fiat (unbacked) dollars into the economy, even though this reckless expansion of the money supply (inflation) will diminish the value of the dollar and further hurt the economy in the long run. Bernanke’s Fed has also kept interest rates artificially low, encouraging excessive borrowing and malinvestments. And Bernanke has called for the Fed — which already possesses the power to create booms and busts through its control of the money supply and interest rates — to be given new powers to manage the financial sector.
We have assigned pluses to the nays because of the economic havoc Bernanke is accountable for at the Fed, a central bank that should not even exist.
