Thursday, February 14, 2008

Bernanke's Valentine card

Is highlighted in today's WSJ with this headline: Will Bernanke get a second term?

Bernanke's Fate May Hang on Economy

A significant economic recovery this year could bolster Mr. Bernanke's credibility with Wall Street and the public. But continued turmoil, with fluctuating financial markets and a surge in unemployment, could increase the chances he will be replaced.

On the campaign trail, some of the leading candidates have raised questions about whether Mr. Bernanke, 54 years old, moved quickly enough to rescue the economy, and whether the Fed could have blunted the housing crisis by tougher regulation. But none has talked openly of replacing Mr. Bernanke, who is a Republican.

Does anyone think that any Congressman will be hard on Paulson and Bernanke? Bernanke may not have an abscess on his ass, but this headline should at least make him squirm. Let's see how he handles the lobs thrown at him from Congress. The cost of the housing bailout is increasing each day that home prices go down, while the call for government help increases. And now it's the banks! And they haven't stopped giving their bribes! Especially in an election year!

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