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To the Ben Bernanke story and the chances now -- Bernanke serving his second term as Fed Chairman.
Starting it looks like to improve his current term set to expire on Sunday we reported Q last week that the confirmation vote.
Basic suspected to be close a number of Republicans and some Democrats have come -- said they plan to vote against.
-- confirming him.
But over the weekend in a number of lawmakers including couple that you're looking at here Republican Mitch McConnell democratic senator Dick Durbin.
Say that not initially they plan to vote for him but that they believe he will be confirmed.
Paired up FOX News Sunday white house press secretary Robert Gibbs outlined the risks and his view -- not confirming Bernanke.
Now would be.
They particularly bad time.
To send a signal -- The international community and to our overall financial system.
By playing politics in any way -- this upcoming.
President Obama Treasury Secretary Geithner White House chief economic advisor Larry Summers all of them spent the weekend on the phone so -- Ben Bernanke -- what we understand calling up.
Key senators trying to drum up support for the chairman has said it expected to vote on the Bernanke confirmation sometime this week for that before we'll see if they actually have vote on this week.
Where it's not at this morning fox this is contributor Charles -- W thestreet.com is here as always we're glad to have Todd showed burgers well land -- trading in San Antonio.
Texas good news for Bernanke here this morning Todd and if so do you.
You think he should be.
Confirmed as the as the chairman of the Fed.
Yes I do come on a couple reasons why for one to be just look at this the certainty factor on this.
-- markets hate uncertainty so we need to have some type of stability right now.
Make it sure that he does get the re re that -- not for the re confirmation for a second term.
The other side of this is that you're right McConnell and all these other guys they don't want to play politics right now if anybody is going to -- hand being renominated.
They are going to be -- that actually as the -- at this point so a lot of these congressmen -- -- take a step back.
They understand that they need to show some stability at this position right now and yet you're gonna see him get re nominated there's no doubt about it and actually should be clear sailing for from.
Here on -- well it is some straight or there had been some strange bedfellows made Washington and all this to the opposition is not from one side or the other it's from both sides left and right.
With maybe a middle coming to his -- out -- no Charles hasn't been the biggest Bernanke Becker you think you -- think this morning.
I don't think we nominate him to so that the market has smooth sailing.
Why should he not be confirmed -- -- not be my greatest fear is that that he's gonna make the same mistakes they Greenspan made and you know and -- to -- is one of them major contributing factors for why we are where we are right now keeping rates too low leaving rates too low for too long I mean when he says that that had nothing to do with where we are right now.
I think he's too close the White House.
You know I think I would have been dominated by another White House he is definitely was believed he finally -- -- my I don't like the public relations campaign and he's been on I don't think Fed Chairman should even be involved in that kind of stuff and doing television in sixty minutes and -- that does -- -- -- I -- it really doesn't bother -- I'm really worried about him and you know the only thing I would say is I don't I'm not sure who then clear cut person will be to step -- right so that's -- -- moral aspect of about.
I don't think we re nominated just simply so that the markets just remember it's let me see what topics -- -- -- Bernanke.
Packard's Charles brings up some a lot of you -- people talked about that hey what if he leaves rates too low for too long and repeat repeat says Charles was the mistakes of the past what about the -- there.
Yet there is some risk there but it seems that the risk is greater right now Pete does start hiking rates so.
He's never been a very vocal -- that he's been very vocal about the fact of keeping rates well yeah but he also has given some clues out there that yes they will start I tightening policy.
Sometime in 2000 attend so that does happen yes said he clearly still in the responsible thing but the other side of baucus and Charles found -- -- gotta agree with me or not.
But you know when you -- the Fed Chairman out there and he does do the television appearances and everything else he is showing some transparency right now which is -- like what our president had initially said.
So if he is actually gonna say look you know what we are gonna try to be as transparent and open to the public it's possible that is something that we didn't really see without Greenspan.
So I actually don't have a problem with -- what sixty minutes -- being in the public view if anything he is letting the American public know that hey you know what we are on top of things and we are working to Iraq.
And -- I think that I wrote myself and I drove himself -- him a regular guy straight I don't even wanna be audited -- -- the real transparency issues they've we've been fighting really very hard about them.
That's an audit your decisions -- -- -- and every six months with a look at what you guys are doing -- can keep abreast and have a better feel for all your commodity fed decisions yeah.
You want them auditing I want it I nobody's going enact tight we are you don't want monetary policy did.
Be audited directly Indianapolis passes doesn't look I think it's over the whole thing is overly politicized to be honest with you -- my problems I think it is overly politicize this and what Harry Reid's failure rates and he's got to deal already who have been Bernanke and that's why -- gonna happen when you deal -- -- you say he's just sort of insinuated that somehow Ben Bernanke is going to be more accommodative so.
Todd I don't think it's gonna go to -- I'm gonna leave it there for now Todd will get back into the -- a little bit later on in the shot I mean to cut Diop who yes is mother.
So many other stories to get too thanks.
To both you guys who.
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