by Mark Silva
Amid reports tonight that President Barack Obama plans to nominate Ben Bernanke, chairman of the Federal Reseve, for another term, the White House has scheduled a personal statement from Obama on vacation in Martha's Vineyard in the morning.
It was Bernanke and the former Treasury secretary, Henry Paulson, who convinced former President George W. Bush and Congress to authorize a $700-billion bailout of the financial markets last fall, in the face of a credit crisis that threatened to plunge the economy into a deeper recession. And it is Bernanke who maintains that that and other federal initiatives are working, and that the recession's end is in sight.
Economic activity in both the United States and globally appears to be "leveling out," Bernanke said last week in an address to the annual Federal Reserve conference in Wyoming. "The prospects for a return to growth in the near term appear good.''
Nevertheless, lingering credit problems and consumer confidence -- with trouble in businesses and households alike -- remain a concern, the Fed chairman said, noting that restoring a free flow of credit is critical to a lasting recovery.
"Although we have avoided the worst, difficult challenges still lie ahead," Bernanke told the conference. "We must work together to build on the gains already made to secure a sustained economic recovery."
The Associated Press and other news organizations tonight are citing sources saying that the president will nominate Bernanke for another term. The president has scheduled a 9 am EDT statement Tuesday at the Oak Bluffs School on Martha's Vineyard, where the media covering the vacationing president are working.
In remarks prepared for the announcement, and obtained by the AP, Obama plans to praise Bernanke for leading the country through a financial crisis and, with his expertise on the Great Depression, helping to prevent a similar crisis.
"Ben approached a financial system on the verge of collapse with calm and wisdom, with bold action and outside-the-box thinking that has helped put the brakes on our economic free-fall," Obama plans to say.
"The actions we have taken to stabilize our financial system, repair our credit markets, restructure auto industry and help the overall economy recover have all been steps of necessity, not choice. They have faced plenty of critics, some of whom argued that we should stay the course or do nothing at all. But taken together, all of these steps have brought our economy back from the brink. They are steps that are working.''
Bernanke was appointed Fed chairman by Bush and sworn in February 2006. Obama plans to nominate Bernanke for a second four-year term, the AP reports.
(Bernanke is pictured above on Capitol Hill in an AP photo.)
Comments
Ben,
Do you want to adress this?
http://www.reuters.com/article/politicsNews/idUSTRE51P54920090226
Posted by: Terry | August 24, 2009 10:30 PM
It's amazing the way the Republican party has been able to get the low and middle-income people in their base (mostly the South) to throw logic out the window and not only accept the GOP's BS talking points but to actually go out and protest against their own well-being i.e. healthcare, tax cuts for the rich etc.
The TeaBagger "parties" were the perfect example of this. The Republican oligarchy had working class dittoheads from their base, who are most likely barely living paycheck to paycheck, out protesting the rich getting a small tax increase and themselves getting a tax cut.
The stupid, it hurts!
Posted by: former Republican | August 24, 2009 10:33 PM
This is the hidden headline -
Labor Leader Named Head of New York Fed
http://online.wsj.com/article/SB125112547653253819.html
Posted by: Way Ratke | August 25, 2009 12:02 AM
BREAKING NEWS!!!!
If you go to Canada all you need is a drivers license from one of our 57 or 59 states, but to get back into the U.S. you'll need a passport or a "long form birth certificate"---a "certificate of birth"will not allow you entry back!
Thank God I had both...our president only has one...wink, wink???
Paulo
Posted by: Paulo | August 25, 2009 12:30 AM
I like Paul Krugman better for the job. Tho I don't think he'd take it.
Posted by: lochnesssmonster | August 25, 2009 6:54 AM
Former,
It's amazing that anyone would be in the democratic base, unless they want to be a free loader from their fellow citizen their whole life. Then again, looking at the state of public education, it shouldn't suprise me.
Posted by: Terry | August 25, 2009 7:14 AM
Paulo lies again.....
Beginning June 1, 2009, ages 16 and older will be required to present documents from one of the options below when entering the United States at land or sea ports of entry. Children under may present an original or copy of his or her birth certificate, a Consular Report of Birth Abroad, or a Naturalization Certificate. One of the following documents may be presented to prove both identity and citizenship:
U.S. Passport;
U.S. Passport Card;*
Trusted Traveler Cards (NEXUS, SENTRI, FAST);*
State issued Enhanced Driver’s License (when available this secure driver’s license will denote identity and citizenship);*
Enhanced Tribal Cards (when available);*
U.S. Military identification with Military Travel Orders;
U.S. Merchant Marine document;
Form I-872 American Indian Card.
Posted by: bill r. | August 25, 2009 8:46 AM
Three Swamp articles on Bernanke this morning, but no mention of this:
"Court Orders Federal Reserve to Disclose Emergency Loan Details
By Mark Pittman
Aug. 25 (Bloomberg) -- The Federal Reserve must for the first time identify the companies in its emergency lending programs after losing a Freedom of Information Act lawsuit.
Manhattan Chief U.S. District Judge Loretta Preska ruled against the central bank yesterday, rejecting the argument that loan records aren’t covered by the law because their disclosure would harm borrowers’ competitive positions.
The Fed has refused to name the financial firms it lent to or disclose the amounts or the assets put up as collateral under 11 programs, most put in place during the deepest financial crisis since the Great Depression, saying that doing so might set off a run by depositors and unsettle shareholders. Bloomberg LP, the New York-based company majority-owned by Mayor Michael Bloomberg, sued on Nov. 7 on behalf of its Bloomberg News unit."
The Obama promise of "transparency" has been (like his other promises) shelved. It takes a lawsuit to force them to reveal the truth.
Posted by: Community Organizer | August 25, 2009 9:43 AM
It's amazing that anyone would be in the democratic base, unless they want to be a free loader from their fellow citizen their whole life. Then again, looking at the state of public education, it shouldn't suprise me.
Posted by: Terry | August 25, 2009 7:14 AM
President Bush's failed policies on health care, trade and education have all made America less competitive and have undermined the economic security of our country. The republicans dont want to fix education because then everyone would be smart enough not to vote for them!
What education has to do with this article is beyond me but since you brought it up, as usual, responding with stupid rhetoric that has nothing to do with the article.
Posted by: Pat from LA | August 25, 2009 10:29 AM
Pat from the land of Fruits and Nuts,
Education was a response to Former's posts.
Public education has been broken in this country since the NEA has taken over the running of the school systems.
More free trade has made this country less competitive? Get a refund on any econ course you have taken. The more trade, the more competition leads to better products and lower prices for all.
Health care policy is basically the same as when President Bush took office. The same number of uninsured exist today as did 8 years ago and yet the population is larger.
You are jsut another Bush hater foaming at the mouth.
Posted by: Terry | August 25, 2009 8:26 PM
You are jsut another Bush hater foaming at the mouth.
Posted by: Terry | August 25, 2009 8:26 PM
My foaming day are over thank god. Its your turn to foam now.
Posted by: Pat from LA | August 26, 2009 12:12 AM
Tuesday morning is so lucky for Ben Bernanke and obama both.
Posted by: limo hire | August 26, 2009 1:56 AM
Public education has been broken in this country since the NEA has taken over the running of the school systems.
Posted by: Terry | August 25, 2009 8:26 PM
Can't tell you how tired I get of hearing this kind of garbage. Of course....those lazy teachers all banding together. Once again it is proclaimed from one who has absolutely no knowledge of teaching but every thing about running their mouths. Teachers have now the resposibility to teach your children social skills because you haven't. When did it become the teachers responsibility to raise your kids? Ask any teacher the % of parents that help and sign off on the childs homework. Ask a teacher how many parents come to the school in April saying they are worried about their child passin. APRIL. I can tell you that if I failed a test in school, I didn't worry what the teacher thought, but I worried about going home. Today too many let the Xbox, or TV teach their kids. But I know it is much easier to blame the teachers rather than suck it up and do what's right.
Posted by: bill r. | August 26, 2009 10:23 AM
BillyR,
The unionization of the teachers and the federal gov't sticking its nose into local education has been the downfall of public education.
I have been in the classroom, have you?
So you know I haven't taught my children social skills? I guess your parents and teachers didn't teach you logic.
When did it become the gov;ts responsibility to raise my kids? Never has for kids - I have never turned that responsibility over to the gov't. If you are speaking in general about parents turning over the responsibility of raising children to the schools, then I wonder where a parent would get that idea? Could it be from a political party that wants to take the responsibility away from the parents of providing life's necessities, such as health care from the parents? It is you libs that want the gov't running all aspects of everyone's lives. It is you libs that want to provide womb-to-the-tomb benefits for all. Don't worry about being an individual and earning things, the compaasionate libs are here tio take care of you, So yes little Billy, I know where parents get this idea that it is the teachers' responsibility to do everything for their child including wiping their butts.
If you want to look at where the parenting skills are the worse - do you think they are in large blue urban settings or more the red suburban/rural settings?
You reap what you sow.
Posted by: Terry | August 26, 2009 6:52 PM
Terry.....I can tell you that the lack of parental responsibility is rampant through the South. My guess? RED , but of course the color you probably maintain is the BLACK. Hence your inacurate claim of inner city. How can you talk about government in education with a straight face after Bush inacted NCLB? and applaud it. It is the pure dumbing down of American children. Maybe the term mediocre is more appropriate.
Posted by: bill r. | August 27, 2009 10:10 AM
BillyR,
I'll take those rural south schools over Sec of Education Arne Duncan's Chicago Public School fiasco. His former customers have been led to believe that gov't will care for all their needs. Do you remember when a few years ago when woman had babies just to get welfare money?
Posted by: Terry | August 27, 2009 8:41 PM