Bernanke Endorses Democratic Stimulus Plan

[L.A. BRONCOS FAN]

After Colin Powell's endorsement of Barack Obama Sunday, it looked like things couldn't get any worse for John McCain on the endorsement score. Well, they just did. Federal Reserve chairman Ben Bernanke has endorsed (http://online.wsj.com/article/SB122455027730552509.html) the economic stimulus plan supported by Obama and the Democrats. Having the Fed chairman say that Obama and the Democrats have the right ideas on the economy will surely be helpful to Obama even if he wasn't named explicitly. President Bush and the Republicans generally oppose the Democratic plan.

[snowspot66]

I wouldn't advertise this. I'm supporting Obama no matter what but the support from Bernanke is not exactly anything to cheer about.

[L.A. BRONCOS FAN]

It's the stimulus plan, i.e., a plan to put $$ in the pockets of middle class Americans, that he supports.

[Needa Pass Rush]

It's the stimulus plan, i.e., a plan to put $$ in the pockets of middle class Americans, that he supports.

What is your definition of middle class? Who is in the running for the gov't koolaid?

[watermock]

All this means is more treasury securities given to the elite which they will send abroad. It's at 2+ trillion in funny money ad another 2 trillion in retirment 401k's.

5 trillion should stabilize the market, of course, there going to be inflation


Ben Bernanke apparently wants four more years as Federal Reserve Chairman. At least that's a reasonable conclusion after Mr. Bernanke all but submitted his job application to Barack Obama yesterday by endorsing the Democratic version of fiscal "stimulus."


AP
Ben Bernanke.
While the Fed chief said any stimulus should be "well targeted," even a general endorsement amounts to a political green light. Mr. Bernanke certainly knows that Mr. Obama and Democrats on Capitol Hill are talking about some $300 billion in new "stimulus" spending, while President Bush and Republicans are resisting. And by saying any help should "limit longer-term effects" on the federal deficit, he had to know he was reinforcing Democratic opposition to permanent tax cuts.

Mr. Bernanke could have begged off -- and would have been wiser to do so -- given how much the Fed has already made itself a political lightning rod with its many Wall Street interventions. He might also have thought twice about endorsing one party's policy preferences a mere two weeks before Election Day given his obligation to preserve the Fed's independence. We can remember when tougher Fed chairmen used to refrain from adjusting interest rates close to an election for fear of seeming to be political; they would never have dreamed of meddling in campaign tax and spending debates.

Perhaps Mr. Bernanke's blunderbuss political intrusion will win him more Democrat friends, and maybe even Mr. Obama's goodwill. To the rest of the world, he has harmed the Fed and made himself less credible.

[Paladin]

In regards to Bernanke: Some times bright, successful people make bright decisions.

Unlike some dullards around here......

[L.A. BRONCOS FAN]

What is your definition of middle class? Who is in the running for the gov't koolaid?

Did you sent that last $600 check back?

Did you tell Bush "I don't need no stinking handouts?"