Markets Plunge As Bernanke is Reappointed

According to the Wall Street Journal, the Senate voted 70-30 to reappoint Ben Bernanke for a second four-year term as chairman of the Federal Reserve.

Democrats have been running around frantically pushing the ‘necessary’ re-confirmation of Bernanke (just as they did with the Porkulus, Healthcare, Climategate, etc.) while promoting little examination of his effect on the American economy.  Sen. Robert Menendez, (D) New Jersey rambled a fearful message today stating, “”To vote against confirmation could unnerve investors and exacerbate economic uncertainty.”

Republican Sen. Richard Shelby of Alabama, the senior Republican on the Senate Banking Committee reminded the American people that “Bernanke fiddled while our markets burned.”  [Read More]

The markets responded quite contrary to Sen. Menendez’ remarks with the dramatic plunge upon news of the Bernanke re-confirmation.  Americans and investors alike understand that a vote for Bernanke is a vote for more Bailouts and further Government intervention into the private sector and their daily lives.  Until midterm elections later this year, one can only wonder how much more destruction the Obama Administration and Democrats in Congress will unleash on the American economy and way of life.