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Bank Bailout Bingo: How Both Parties Exploit Populist Anger
By Walter Shapiro - Politics DailyThe congressional votes nearly two years ago were the last gasp of old-time bipartisanship as the warring leaders of both parties united in a crisis to pass emergency legislation that the White House desperately craved. (Yes, it sounds like a children's bedtime story, but it actually happened.) While the legislative route through the House was terrifyingly bumpy, the lopsided 74-to-25 vote in the Senate reflected the establishment consensus, with Barack Obama and John McCain, plus Harry Reid and Mitch McConnell, all voting yes. Nothing is more emblematic of the poison-pen partisanship of ...
Obama Will Name Yellin, Raskin, Diamond to Federal Reserve Board
By Tom Diemer - Politics DailyPresident Obama said Thursday he would name former Clinton White House economic adviser Janet Yellen to the Federal Reserve Board along with Maryland regulator Sarah Bloom Raskin and Massachusetts Institute of Technology economist Peter Diamond. Yellen, president of the San Francisco Federal Reserve Bank, is close to Fed Chairman Ben Bernanke and was tapped by Obama to serve as his second in command in Washington. She was chairwoman of the White House Council of Economic Advisers during President Clinton's second term. The president also intends to nominate Diamond, an economics professor ...
Confidence in Obama on Economy Drops Compared to Last Year
By Bruce Drake - Politics DailyWhile many polls have shown that a majority of Americans disapprove of President Obama's handling of the economy, he still fares better than the other players when Americans are asked who engenders the most confidence in the handling of the issue, according to a Gallup poll conducted April 8-11. Fifty-four percent express a great deal or fair amount of confidence in Obama, putting him at the top of its list. "Business leaders," also at 54 percent, are the only other choice that draws a majority. But when the numbers are narrowed down to who has a "great deal" of confidence in either, Obama ...
Washington in 60 Seconds -- Eric Holder in for a Grilling on Rights for Terrorists
By Patricia Murphy - Politics DailyGood morning, Capitolists! Can anybody explain Justin Bieber's appeal? I can't. But I can tell you what's happening in Washington today. And unlike a Justin Bieber video, it's painless -- plus it only takes 60 seconds. - No Holds Barred for Holder. After months of avoiding his detractors on Capitol Hill, Attorney General Eric Holder will finally appear before the Senate Judiciary Committee Wednesday morning. Republicans (and even some Democrats) have been quietly smoldering over Holder's original choice to allow trials of 9/11 terrorists in New York City (which has since been changed); the ...
Bernanke Warns of Tax Hikes or Benefit Cuts to Deal With Deficit
By Tom Diemer - Politics DailyWhen it comes to the nation's growing red ink, Federal Reserve Chairman Ben Bernanke says it's either/or. Either taxes will have to be raised or cherished benefits such as Social Security and Medicare will have to be reined in. Bernanke's unusually stern warning came as the country appears to be gradually emerging from the worst economic recession in decades, but also amid record government spending on stimulus programs and safety net benefits such as extended unemployment payouts. Annual deficits have grown to more than a trillion dollars as tax revenues fall further behind federal ...
Greenspan and the Economic Blame Game
By Joseph Schuman - AOL News(April 7) -- Who to blame and what to change? The tornado of economic arguments swirling around Washington these days addresses both failures that led to the recent financial crisis and the legislating of new rules aimed at preventing the next one. It shouldn't be surprising that a dominant player in all things economic during the period leading up to the crisis has emerged as one of the most vociferous participants in both parts of that debate. J. Scott Applewhite, AP Alan Greenspan, former chairman of the Federal Reserve, testifies Wednesday on Capitol Hill. Alan Greenspan, who was ...
Fed Chairman Bernanke Tells Congress Interest Rates to Stay Low
By Tom Diemer - Politics DailyInterest rates need to stay low -- way low -- to charge up the economic recovery, Federal Reserve Chairman Ben Bernanke told a House committee on Thursday. For Congress' benefit, Bernanke spelled out his rationale for holding borrowing rates to near-zero last week in the face of fragile economic conditions, the Associated Press reported. Low inflation gives the central bank more flexibility to keep interest rates low as an incentive for businesses to expand, he told the House Financial Services Committee. Bernanke's testimony came amid welcome news from the job market. First-time claims for ...
Donald Kohn, Federal Reserve Vice Chairman, Will Retire in June
By David Sessions - Politics DailyFederal Reserve vice chairman Donald Kohn said Monday that he would retire from the seven-member board when his term expires in June, the New York Times reports. The departure of Kohn, who played a significant role in shaping the Fed's response to the 2008 financial crisis, will increase the number of vacancies on the board to three, allowing the Obama administration to exert considerable influence over U.S. monetary policy. The White House said Kohn's decision was "his alone" and that President Obama will name a successor before his term as vice chairman ends on June 23. Kohn could have ...
Ben Bernanke Approved for Second Term As Fed Chairman
By Patricia Murphy - Politics DailyDespite hostile opposition from some Democrats and Republicans, the Senate approved Ben Bernanke's nomination to a second term as chairman of the Federal Reserve Thursday by a vote of 70 to 30. The opposition to Bernanke included senators at the furthest wings of their parties, including Sens. Russ Feingold of (D-Wisc.), Bernie Sanders (I-Vt.)and Al Franken (D-Minn.) on the left, along with conservatives like Jim DeMint (R-S.C.), John Cornyn (R-Texas) and Richard Shelby (R-Ala.), the top Republican on the Senate Banking Committee. Sen Chris Dodd (D-Conn.), the Chairman of the committee, voted ...
Bernanke Confirmed for Second Term at the Fed
By Joseph Schuman - AOL News(Jan. 28) -- The Senate on Thursday confirmed Ben Bernanke to a second term as chairman of the Federal Reserve by a strong majority just three days before his current tenure expired, ending a surprisingly tenacious confirmation process that underscored widespread anger at the government's response to the financial crisis. The 70-30 tally followed a tense procedural vote whose outcome had been in doubt amid a recent surge of opposition to Bernanke's renomination by President Barack Obama. Karen Bleier, AFP / Getty Images The Senate's vote to confirm Federal Reserve Chairman Ben Bernanke ...
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