Federal Reserve chairman Ben Bernanke lives in the shadow of predecessor Alan Greenspan; and now, with the economy faltering largely under his leadership, the wizard of bailouts now looks like his second term is in doubt.
Although Obama has announced his intention to renominate Bernanke for a second term, key Democrats are off the bandwagon and the Fed Chair needs 60 votes to survive. The support of GOP lawmakers is in doubt because of Bernanke’s poor job performance handling the US economy.
Dems want Bernanke out, but for their own reasons; Obama would then be free to nominate someone of his own choosing. While no one’s issuing insurance quote on Bernanke’s job security, and the President is currently supportive, that could change if it becomes clear that Bernanke doesn’t have the votes to survive.
Of course, the administration is sounding all gloom-and-doom of Bernanke isn’t reappointed, but really… after the way he’s handled the economy in his first term, how bad does a Fed Reserve Chair have to screw up before making a change would be seen in a positive light?
Sure, I don’t trust Obama to appoint anyone who’s better… but I also doubt it could get worse much more quickly under anyone else, since the economy’s still spiraling downward under Bernanke anyway.