President Obama reaffirmed his confidence in Federal Reserve Chairman Ben Bernanke today, despite the growing opposition to Bernanke's policies by several Senators. The Senate must approve of Bernanke receiving another four year term by January 31 or else Fed Vice Chairman Donald Kohn would fill in as the head of the central bank on a temporary basis. Bernanke has been criticized for the way he handled the bailouts of several major corporations in the past year, keeping secret the identities of many of the corporations that received this aid. Additionally, the $182 billion bailout of American International Group Inc. has made many main street proponents mad. Included in this group is Democratic Senator Barbara Boxer of California, who said "It is time for a change — it is time for Main Street to have a champion at the Fed." Despite all of this negative sentiment, Obama is sticking by Bernanke, and believes he is "the best person for the job." I wouldn't be surprised to see Bernanke go, seeing how he presided over the Federal Reserve during one of the worst economic recessions since the Great Depression. Not that I'm saying that Bernanke was responsible for the recession, but he's kind of guilty by association and we've already seen that there are a number of Senators who want him out. Read more at http://www.npr.org/templates/story/story.php?storyId=122856135.
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