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-- story this day the senate banking committee considering Ben Bernanke's nomination to a second term as the chairman of the Federal Reserve Peter Barnes is in DC track.
The balancing opposition Peter all -- the committee.
And all the committee in the full senate.
Yeah that's right -- in and listen we just had senator Jim Bunning Republican of Kentucky a big critic of Ben Bernanke actually.
-- point out that.
-- Bernanke you know person of the year for time magazine.
Also mentioning that the Ayatollah Khamenei Adolf Hitler and Richard Nixon were also time at that time men of the year.
So obviously mr.
Voting no when.
We knew that before but the news this morning as -- committee ranking -- ranking Republican Richard Shelby just announced he will also vote no.
-- going through a litany of criticisms.
Of of the Fed Chairman.
We weren't sure about that senator Shelby's position but he just announced that minutes ago.
He -- some other senators who have already announced they will vote no including one Democrat here Jeff Berkeley.
Of Oregon and then of course senator Bunning of Kentucky.
Jim dement of South Carolina.
David -- -- of the Louisiana.
This starts to get a little interesting this morning here because that's a thirteen to ten margin here for Democrats over Republicans on the committee.
We have one Democrat out already against him Jeff -- late.
They got to keep all the other Democrats in order to get approval here and we're waiting to see what the other Democrats say maybe some others feel like mr.
Such chairman Dodd has announced his support.
But on the Republican side senator Judd Gregg of New Hampshire has announced.
His support floor he will vote in favor of of this renomination of mr.
The -- looking a little -- this -- but again will stick with our position -- prediction that he will get approved by the committee today but that.
It's going to be a bumpy ride this morning for the Fed Chairman that it.
It is and John McCain Senator John McCain is not on the committee came out that he's leaning toward.
Voting against Ben Bernanke is sending that the senate banking committee passes this on to the -- -- he actually threw out two suggestions.
On mission replace -- Ben Bernanke that John Taylor of the Taylor -- and -- -- -- who's 82 by the whole thing.
-- a well you know what what happens here is is it's not that that its chairman will not get renominated although in this political environment -- when -- -- confirmed by the full senate.
But in this political environment you know it's so populist there's so much anger out there Ben Bernanke has been a target for both Democrats and Republicans.
And the magic number that a lot of fed historians are looking at.
Are is sixteen.
That is a number of no votes that Paul Volcker got in the mid 1980s.
When he faced his renomination vote in the full senate.
And people are thinking that that Bernanke might get more no votes then Volcker.
He'll still get reconfirm but that is a rebuke of the Fed Chairman -- on the part of the senate normally these are.
Fairly bipartisan affairs.
And that's when it is is not going to be as smooth as others and their their members who are angry and they're gonna express their anger anger at the Fed Chairman.
What this is that that the that that's a great -- -- in -- -- -- when we're watching -- I live for this stuff by the way.
And integrate the -- great stage to Peter -- thank you luckily you're following it all -- -- --
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