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It's No Sure Thing: Bernanke's Confirmation Is Coming Down to the Wire

It isn't Bernanke's job to bail out Wall Street at the expense of the rest of the country. It is his job to prevent the growth of dangerous bubbles. Time to go.

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Finally, to help get the Tarp passed back in October 2008, he told Congress that the commercial paper was shutting down, which meant that even healthy companies would not be able to borrow the money needed to meet their payroll and pay other bills. This would have quickly led to an economic collapse.

Bernanke did not tell Congress that he was planning to set up a special lending facility to directly buy commercial paper. He announced this facility the weekend after Congress approved Tarp. It is not the Fed chairman's job to lead Congress up the garden path. Nor is it his job to bail out Wall Street at the expense of the rest of the country. It is his job to prevent the growth of dangerous bubbles. That's three really big strikes.

Bernanke should be sent out to enjoy his Time "Person of the Year" status in retirement.

Dean Baker is co-director of the Center for Economic and Policy Research and author of the new book, False Profits: Recovering from the Bubble Economy (PoliPointPress, 2010).

 
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