Posted by Admin - December 28th, 2009

Alan Greenspan, during his time as Chief of the Fed, was praised as a hero and a genius. Ben Bernanke has not been as well-liked in recent months. It does not help that during his tenure he has presided over one of the worst economic recessions in decades. Bernanke, through the Federal Reserve, is able to manipulate the stock market and the world economy through raising or lowering interest rates and the like.  Bernanke, though, is increasingly coming under fire–both from the public and from Congress.

South Carolina Republican Sen. Jim DeMint is doing his best to prevent Bernanke from gaining a second term as chairman of the Federal Reserve, the country’s central bank.

“We can’t overlook the fact that he has presided over one of the biggest economic catastrophes that we’ve had as a country,” DeMint said at a Dec. 17 meeting of the Senate Banking Committee.

This is saying quite a lot. No Senator of consequence has spoken this badly about a Federal Reserve chairman in quite a while. Senators Vitter, Demint, Bunning, and Sanders have all placed holds on Bernanke’s nomination, a move which will delay his confirmation.