It’s not a new practice for a hostile congress to block judicial appointments and it’s not surprising the Democrats would use that tactic. Some might claim “they promised to be bring a new tone to Washington in 2006.” I doubt anyone seriously believed that. The Democrats are now serving over the most unloved Congress in modern times. It makes me wonder how we got two candidates for President out of that mess, but it’s too late to do anything about it now.
With the current banking crisis going on the Democrats are refusing to fill empty chairs on the Federal Reserve Board. Blocking judges is one thing but hamstringing our banking system is the ultimate exercise in partisan evil. Generally speaking most economists and bankers chosen for the board are fairly moderate so it’s a little strange that the Democrats have decided to add the board to their partisan conquests. The Economist has already complained about this problem; however, this isn’t exactly a sexy story. Most people don’t even know what the Federal Reserve is or how it operates, even idiot Senator Dodd.
Dodd omitted Fed nominees from President Bush’s appointments that his committee considered this week. Sen. Richard Shelby, Banking’s ranking Republican, who usually works well with Dodd, has been ignored in requesting Fed confirmations. “I’m not going to sit back and allow for 14-year appointments of people who don’t seem to understand how important it is the Fed do its job,” Dodd said on CNBC June 5.
Actually, banker Elizabeth Duke would serve four years and banker Larry Klane two years. A third nominee, Randall Kroszner, continues on the board while awaiting confirmation to a full 14-year term. Bush has not yet named anyone for a new vacancy, so three of seven seats on the Fed’s Board of Governors are empty, with an imbalance of economists over bankers.
It should be noted that Dodd has thrown away any consideration of ethics. His ties to Countrywide are known to everyone and he’s also sponsoring the bank bailout bill that helps Countrywide. I have no idea why this isn’t all over the news. I guess when the Democrats are in the majority the press quits covering corruption. It would be nice to see the Democrats choose to put the country first on at least one issue. Blocking these banking appointments is a dangerous thing to do when we need the Federal Reserve the most.
Countrywide does not exist anymore. It is BOA.
There is nothing in blocking the appointments of these bankers that is remotely hamstringing the Fed or adding to “crisis”. There will be a new sheriff in town in a few months. It is prudent to see what will happen. Those appointments are pretty long…
As if economics is somehow sheltered from politics. Heck, the current fiscal upheaval is largely based on borrow and spend republican policies, a weak congress that cowtows to a strong executive and the reign of Greenspan and his flawed fiscal policies.
Dodd is foolish to have taken $$ from the company he had a mortgage with, but in reality his sweet rate isn’t much lower than mine. Further, his other mortgages are higher than mine. Funny how that works. The reason the media isn’t all over it is that there is nothing to be all over. That is, unless you have PDH (Pathalogical Democrat Hating)syndrome.
The Economist (which is hardly bias) strongly disagrees with your opinion on the Federal Reserve.
As for Dodd, it’s nice to see the culture of corruption is still alive and well. Sections of the Dodd bill were written by BOA. Either the bank is getting special treatment or Dodd owes them for something else.
I read the economist. I know that they have to tow the line at centralized banking. Frankly I am surprised that you would think that the Fed is good. Wouldn’t you rather see rates float via the market? The economist also can’t seem to believe that politics could have an impact on economics. Hm.
Culture of corruption? Perhaps…But I think not. The BOA is a really big bank. Banking laws often have a disproportionate effect on larger banks when enacted.
[...] the Fed: Two years ago I wrote about how the Democrats were taking the unprecedented measure of blocking Bush’s appointments to the Federal Reserve’s Board of Governors. The [...]
[...] treated George W. Bush with great respect, always gave him the benefit of the doubt didn’t block his appointments and always supported his requests to raise the debt ceiling, so she only wants Republicans to [...]