Political Quotes

“Mr. President, I have decided to oppose the renomination of Chairman Ben Bernanke. I do so with reluctance because I admire his record of academic and professional achievements. My sense of admiration and the fact that I like him has to be weighed in the broad context of his work as Chairman and what the American people have a right to expect on results and accountability. The Federal Reserve is given great authority and commensurate responsibility on regulation and oversight of our financial institutions. Accountability frequently is hard to pinpoint; but it can be established in the upheaval of the financial institutions in the past months and years. The consequences of foreclosures ousting thousands from their homes, millions of job losses and billions of losses in pension accounts weigh heavily on those responsible for regulation and oversight of U.S. financial institutions. These problems are traceable in large part to the national housing boom bubble. The October 27, 2005, edition of the Washington Post reported Chairman Bernanke's testimony that he was not concerned that the national housing boom was a bubble that was about to burst. In testimony before Congress's Joint Economic Committee, he testified that the rise in U.S. house prices by nearly 25 percent over the past 2 years largely reflected strong economic fundamentals such as growth in job incomes and the number of new houses.…”