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Obama breaks vacation, keeps Bernanke at Fed

Discussion in 'Political Zone' started by BrAinPaiNt, Aug 25, 2009.

  1. BrAinPaiNt

    BrAinPaiNt Brotherhood of the Beard Staff Member

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    LINK

    Either this guy is so good that both admins liked him or he is so corrupt that both like him.:D

    OAK BLUFFS, Mass. – President Barack Obama announced Tuesday he wants to keep Ben Bernanke on as Fed chairman, saying he shepherded America through the worst economic crisis since the Great Depression.

    "Ben approached a financial system on the verge of collapse with calm and wisdom; with bold action and out-of-the-box thinking that has helped put the brakes on our economic freefall," said Obama, with Bernanke standing by his side. "Almost none of the decisions he or any of us made have been easy."

    Obama made the announcement while on vacation on the island of Martha's Vineyard off the coast of Massachusetts after aides said initially that the president intended a news-free week there. Both he and Bernanke sported the open-collar look.

    Bernanke, 55, is credited with turning the economy away from its deepest and longest recession since the 1930s. Now he faces the challenge of meeting White House expectations to chart the full economic recovery considered critical to Obama's legacy.

    In sticking with a Republican for the nation's top banker, the Democratic president was aiming for stability at a time of continuing, though easing, crisis. The move was designed to reassure the U.S. financial sector as well as foreign central banks that the Obama administration isn't changing course on its largely well-received approaches to the financial meltdown and overall monetary policy.

    The announcement also came nearly concurrently with a piece of bad economic news. Obama interrupted his vacation to telegraph his decision just ahead of a White House report that gave more bleak assessments of the nation's deficit picture.

    Figures released by the White House budget office on Monday foresee a cumulative $9 trillion deficit from 2010-2019, $2 trillion more than the administration estimated in May. Moreover, the figures show the public debt doubling by 2019 and reaching three quarters the size of the entire national economy. Also Monday, analysts with the nonpartisan Congressional Budget Office projected a cumulative $7 trillion deficit from 2010-2019, more in line with the administration's May estimate.

    The White House said Obama decided on the last-minute schedule addition to help "put him more in `vacation mode." "There's been a lot of speculation out there, and the president wanted to put it to rest," Deputy Press Secretary Bill Burton told reporters as the presidential entourage headed from the site of the announcement to a golf course.

    Bernanke's early tenure was as complicated as the crisis facing the banks he sought to save.

    The Fed chairman's successful, although unconventional, strategy to move the economy away from recession, unlock frozen credit and stabilize spiraling financial markets depended in large part on creating radical and unprecedented lending programs. But he's not without his detractors, and the Democratic chairman of the Senate Banking Committee, Connecticut's Chris Dodd, immediately warned of a thorough hearing before Bernanke would be confirmed for a second four-year term.

    With such controversy surrounding some of his decisions, Bernanke's fate had been the subject of speculation for months.

    Many on Wall Street and in academic circles had viewed Bernanke as the best choice to tackle continued high unemployment, fight off any threat of inflation and take on the next set of risky, difficult decisions.

    Announcing his decision to bypass prominent Democratic economic figures for the job, Obama had nothing but praise for Bernanke.

    The president also put in a plug for his own administration's actions to stabilize the financial system, restructure the auto industry and approve $787 billion in stimulus spending.

    Appearing in makeshift press workspace on the island, Bernanke said that if confirmed by the Senate, he'd work to provide "a strong foundation for growth and stability" in the economy.

    "The Federal Reserve, like other economic policy makers, has been challenged by the unprecedented events of the past few years," Bernanke said. "We have been bold or deliberate as circumstances demanded, but our objective remains constant: to restore a more stable financial and economic environment in which opportunity can again flourish and in which Americans hard work and creativity can receive their proper rewards."

    The economy is emerging from recession and is poised for growth. However, it will be slow-going and the unemployment rate, now at 9.4 percent, is likely to top 10 percent this year before it starts going down.

    For Obama, there was little political downside in choosing to nominate Bernanke. The move displays bipartisanship and a steady, unchanging hand on the economic tiller. Fully occupied with an attempted health care overhaul, Obama's team could little afford the distraction of changing the head of the Fed.

    Bernanke was appointed Fed chairman by President George W. Bush and sworn in Feb. 1, 2006, following Alan Greenspan's 18-year tenure.
  2. ABQCOWBOY

    ABQCOWBOY Moderator Staff Member

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  3. JBond

    JBond Well-Known Member

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    BP, my guess is the second.
  4. Temo

    Temo Active Member

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    He has some respect in the Wall Street community, which in the end is all that matters for politicians (repub or democrat alike).
  5. burmafrd

    burmafrd Well-Known Member

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    Well so did Bernie Madof.
  6. ABQCOWBOY

    ABQCOWBOY Moderator Staff Member

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    Madof. Yesterday, he was dying from Cancer. Today he is not. Madof.
  7. Cajuncowboy

    Cajuncowboy Preacher From The Black Lagoon

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    Wait, Obama's on Vacation? Again? What? WHy? We are in a crisis! How can he leave? We are all doomed!!!!


    Oh wait, I said Obama, not Bush.


    Carry on.


    (Funny though. Just in time for ramalamadingdam or whatever the heck it is)
  8. BrAinPaiNt

    BrAinPaiNt Brotherhood of the Beard Staff Member

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    From the title...

    Obama breaks vacation

    Not that it really matters.
  9. iceberg

    iceberg detoxed Zone Supporter

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    well even on vacation he's not going to miss publicity time.
  10. BrAinPaiNt

    BrAinPaiNt Brotherhood of the Beard Staff Member

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    Or work time.

    He should have had a birthday party during the disaster.:p:
  11. ShiningStar

    ShiningStar Well-Known Member

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    What work time, I dont even know if he knows what the inside of the white house looks like. The only time hes doing something is in front of the camera crying to America.
  12. BrAinPaiNt

    BrAinPaiNt Brotherhood of the Beard Staff Member

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    Did you vote for W? Cause if you did you might want to wipe the irony from your backside.:laugh2:

    The guy is on his first vacation since being elected and he breaks it off early.

    From Jan 2001 to Aug 2003 W took 166 days of vacation. So basically 166 days of vacation in 32 months. Break that down days per month would be about 5 days per month. But Obama takes a 7 day vacation after 8 months and if we stretched that over to the same 32 months it would be about 28 days or less than one day a month. Now that could change as it is still early but 8 months in that is what it breaks down to so far.

    Hmmm...I don't think anybody who votes for W would want to complain about Obama taking a vacation.

    Now of course when Presidents take vacations everyone knows that it does not mean they are not getting day to day briefings or not working with staff and other areas...so they really don't get true vacations like most of us would.

    But the whole idea that people would lament this guy from a vacation after the Number of days W, Clinton, Papa Bush and Ronny took...is a little funny.

    Oddly enough of the last number of Presidents I think Carter took the least number of vacation days...too bad he did not take more as he was a mess.
  13. trickblue

    trickblue Old Testament... Zone Supporter

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    Crap... add another to the list of things he's breaking... :D
  14. Temo

    Temo Active Member

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    So if you don't know the name of the holiday, why does it matter that he's taking off just in time for it? Obviously it isn't important enough for you to get the name right.
  15. Doomsday101

    Doomsday101 Well-Known Member

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    I'm glad he is on vaction maybe he can go spend some of his money instead of mine. :laugh2:
  16. burmafrd

    burmafrd Well-Known Member

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    BP cannot even count. Obama has been in office 7 months.

    I will take this slowly so that even BP can follow:
    Jan to FEB 1 MONTH
    Feb to Mar 2 Months
    Mar to Apri 3 Months
    April to May 4 months
    May to June 5 Months
    June to July 6 Months
    July to August 7 Months

    Or to be really precise 7 months and 5 days
  17. iceberg

    iceberg detoxed Zone Supporter

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    who cares?

    i thought it was crap when people made fun of bush for taking a vacation, it's crap now. give the man some downtime and don't make it an issue.
  18. Cajuncowboy

    Cajuncowboy Preacher From The Black Lagoon

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    Yeah, I couldn't care less about getting the stupid name right. I really don't care about it.
  19. BrAinPaiNt

    BrAinPaiNt Brotherhood of the Beard Staff Member

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    The end result is still the basically the same. Nice try though.:laugh2:
  20. CowboyDan

    CowboyDan Anger is a Gift

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    Yeah, just don't call Christmas Xmas, right? :lmao:

    Brainpaint owned this thread.

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