What if Bernanke Isn’t Reconfirmed?

What happens if Ben Bernanke isn’t reconfirmed? Well, some folks seem to think it will send markets into a tailspin. But it’s worth emphasizing that in literal terms almost nothing will happen. If a left-right coalition of 40 Senators blocks his confirmation, then it’s hard to see what other candidate would be more to their liking. You’d have gridlock. But Bernanke’s term as a member of the Fed’s Board of Governors is actually a 14-year term that doesn’t expire for a long time. Consequently, the same Open Market Committee that’s making decisions right now would just go on making decisions. Bernanke would, however, be unable to perform the formal responsibilities of the Chairman, so that role would devolve to Donald Kohn, the Vice Chair.

Would that be a ridiculous situation for an erstwhile major country with a functioning political system to find itself in?

Why yes it would. But it would merely be a reminder that we are, in fact, in a ridiculous situation and do not, in fact, have a functioning political system. Take a look at the current Treasury Department org chart and note that only one Undersecretary has been confirmed by the Senate. We’re missing the Undersecretaries for Domestic Finance and for International Affairs as well as a boatload of assistant secretaries. Those sound like important subjects to me amidst a financial crisis. And, in fact, they are important jobs. And they’re not exactly going undone—an ad hoc group of “counselors” to Tim Geithner and such are keeping the show running. But this is not really a good way to run the government.

By the same token, the routine filibustering has done something odd to the president’s ability to fire subordinates. Obama can’t really sack any member of his cabinet or subcabinet unless he has a specific replacement in mind who he’s certain can secure 60 votes in the Senate. Which means he basically can’t fire anyone. I suppose in some cockamamie way all this might advance the electoral interests of Republican Senators (although it’s actually hard for me to see how it does) but it’s not good for the country. (see comments)

* 50 Comments

http://yglesias.thinkprogress.org/archives/2010/01/what-if-bernanke-isnt-reconfirmed.php

basil, to continue the metaphor..
that was enough for all the nerds on the Obot bandwagon who don’t get laid often enough..

On one such occasion, a colleague of mine who had only recently fallen in love with opera offered a basso profundo singer whose name shall go unmentioned a small sum, and asked him to sing a song which was suited neither for his gender or his deep voice. I swallowed a martini olive when I heard that request, got ready to duck and waited eagerly for the troubadour’s reply. Whereupon, he look down at my friend with an air of disgust and said: Do I look like a mezzo-soprano?

By the same token: when a man like Obama who cuts rezko deals with big pharma, condemns people who live in small towns, practices reverse racial profiling and disparages Brown for driving a pick up suddenly decides to become a populist, there is only one answer: do I look like a mezzo soprano?

LET US HERE AT BIG PINK GIVE A VERY LOUD WARNING TO THEM THAT……AMERICANS WILL NOT BE BAMBOOZLED by you!!

A populist tone/stance coming from you will cause us Americans to hear this instead:

JIVE TALKIN….
http://www.youtube.com/watch?v=_W42rMjYWlk

‘They told the world they had a romantic date with destiny and instead took the opportunity for the equivalent of a quickie at the Chicken Ranch.’

pm317

you’re killing my upper west side dwelling, chain smoking, angelica houston look alike vision of who admin is.
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pm317
January 24th, 2010 at 2:53 pm

Well, alcina, it works well for my vision of who admin is.
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alcina
January 24th, 2010 at 2:55 pm

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Yay!!! Admin is like Obama — we can project him/her to be whatever we want him/her to be.

WASHINGTON (Reuters) – Vice President Joe Biden has told a newspaper that his son Beau does not want to run for his former Senate seat in Delaware, which could damage Democrats’ chances in the 2010 race.

Barack Obama

In an exchange reported in the Wilmington News-Journal, Biden asked a columnist from his hometown newspaper to encourage Beau Biden, Delaware’s state attorney general, to run for the Senate this year.

According to the newspaper, as Biden ended an interview he had the following exchange with columnist Harry F. Themal:

Biden: “If you run into Beau, talk him into running; he respects you.”

Themal: “I don’t think he wants to run, though.”

Biden: “I don’t think he does either. I know he doesn’t want to … I’m so proud of the job he’s done (as attorney general).”

Beau Biden has been viewed as the Democrats’ best chance to keep the seat his father left to become vice president.

Nine-term Republican congressman Mike Castle, who is considered a moderate in the party, already has announced he would run for the seat, which is currently held by Ted Kaufman, a Democrat who was appointed a year ago.

Kaufman was a long-time top aide for Joe Biden and was seen as a placeholder for the younger Biden.

The Democrats, who hold a comfortable majority in the U.S. Senate, were dealt a stunning blow last week when Republican Scott Brown won a special election in Massachusetts to replace the late U.S. Senator Edward Kennedy.

(Reporting by Vicki Allen, editing by Paul Simao)