Bernie Sanders: Ben Bernanke must go

Ben Bernanke has been an abysmal failure as chairman of the US Federal Reserve. I’m voting against his reappointment

I will not vote to confirm Ben Bernanke for another term as chairman of the Federal Reserve and have placed a hold on his nomination in the US Senate.

Last year, the American people overwhelmingly voted for a change in our national priorities and for a new direction on the economy. After eight long years of trickle-down economics that benefitted millionaires and billionaires while leaving the middle class behind, Americans demanded a change that would put the interests of ordinary people ahead of the greed of Wall Street and the wealthy few.

What the American people did not bargain for was another four years for one of the key architects of the Bush economy.

Before Ben Bernanke became the Fed chairman in 2006, he headed the council of economic advisers for President Bush – one of the most right-wing presidents in American history. He also sat on the Fed board of governors from 2002 to 2005. Perhaps more than anyone else, Bernanke was in a position to diagnose the impending economic disaster and take steps to stop it. Tragically, not only did he fail to prevent the economic collapse that we have experienced, he did not even warn the American people that it was coming until it was too late. Equally distressing, his actions since the crisis began may leave taxpayers holding the bag for an even bigger bailout in the future.

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