I received a canned response from the office of Sen. Bayh (D-IN) this week in reply to my email to him asking that he oppose Bernanke’s reappointment. While I specifically focused on the reappointment, his response appeared to be his generic response to queries regarding the Audit the Fed legislation (H.R. 1207 and S. 604).The key point at the end of the response stated that Bayh is “committed to ensuring that the Fed’s activities remain consistent with its mission of promoting financial stability, maximum employment and low inflation.” If Sen. Bayh is committed to such principles, then perhaps he needs to examine Bernanke’s record. The Fed has absolutely failed in promoting financial stability, fostering maximum employment, and maintaining low inflation.I just happen to be finishing this up just as Bayh began his questioning of Bernanke in the confirmation hearing (watch here – Bayh starts at 1:29:05). He immediately pledges his support despite reservations.
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