He’s Back!


Ben Bernanke was confirmed for a second term as Fed chairman today by a vote of 70-30. Neil Irwin of the Washington Post answers the first question that popped into my mind:

Bernanke was confirmed by a narrower margin than any previous Fed chairman. The previous record for most “no” votes was Paul Volcker in 1983, when he was confirmed 84 to 16.

Bernanke has “more votes against him than any Fed chairman has ever had. And that’s a signal,” said Sen. Richard Shelby (R-Ala.), in an interview. “The Fed is controversial with the American people. Bailouts. Lack of supervision over [bank] holding companies.”

I hope Shelby is right. But my guess is that this is mostly a manifestation of the fact that confirmations have become more contentious in recent years. Even during a bad recession I’ll bet Bernanke would have been confirmed easily a few decades ago. After all, Sonia Sotomayor was no more liberal then Ruth Bader Ginsburg, but she was confirmed for the Supreme Court 68-31 compared to Ginsburg’s 96-3.

Anyway, I certainly look forward to a chastened Ben Bernanke coming out strongly in favor of serious financial sector regulation. I’m not taking any bets on it, though.

One More Thing

And it's a big one. Mother Jones is launching a new Corruption Project to do deep, time-intensive reporting on the corruption that is both the cause and result of the crisis in our democracy.

The more we thought about how Mother Jones can have the most impact right now, the more we realized that so many stories come down to corruption: People with wealth and power putting their interests first—and often getting away with it.

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We want to go all in, and we've got seed funding to get started—but we're looking to raise $500,000 in donations this spring so we can go even bigger. You can read about why we think this project is what the moment demands and what we hope to accomplish—and if you like how it sounds, please help us go big with a tax-deductible donation today.

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