Jan. 29, 2010 – 4:30 p.m.

Ben Confirmed

Ben Bernanke was confirmed for another four-year term as the Chairman of the Federal Reserve today by a vote of 70 to 30 in the Senate. This was a wider margin of "yes" votes than anticipated, but not enough to lift the spirits of Wall Street. Even though Bernanke passed by a larger 77 margin on the procedural vote, his reappointment remains the most controversial to date, even more than Paul Volcker's in the early 1980s.

Bernanke is not likely to be popping champagne corks tonight, given the length of time it took the President to corral the votes and the controversy over his reappointment. This is to say nothing of threats to the Fed's independence, which will likely persist (and could be passed) right up until mid-term elections in November. I liken the current criticism of Ben to blaming the surgeon who saved your child from dying after a severe accident, because he is still recovering and has a long rehab ahead of him. Ben was our surgeon. He saved us from bleeding out, but couldn't restore us to new on his own. The rest is at least partially in our own hands.

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