Sen. Harry Reid made a Friday evening announcement that he would support Bernanke, hoping to head off further erosion in Bernanke’s support. But it may not be enough.

TIME Magazine chose Bernanke for the same reason CNBC’s Ron Insana worshipped at his feet yesterday – that he’s the “world’s most important man in charge of the world’s most important economy,” that he had a history in Depressions so he knew how to avoid one, etc. They didn’t choose him because he actually did anything with regard to a core mission at the Fed — maximize employment. They also ignored his inability to see the freight train bearing down on the economy from subprime mortgages and collateralized debt objects.

Sen. Jeff Merkley (D-OR), a member of the Senate Banking Committee, will vote against Ben Bernanke’s nomination for a second term as Chair of the Federal Reserve.

Back in May, Marcy Wheeler met with Chris Dodd and I asked him if he knew, as Chairman of the Senate Banking Committee, which banks the Fed was lending to. He said he’d find out and get back to me. He finally did. He asks the Fed why he shouldn’t know these things, and then sent me their response. The letter is below the fold.

With the renomination of the current Federal Reserve chairman meeting some opposition, now is the time to start thinking about who might be a good replacement.

For more on pruning back executive power see Pruning Shears.

This is the worst possible time to put on plastic armor and go into your backyard and yell “Wolverine!” in arguing for cutting the deficit. It’s not a matter of being resolute, it’s a matter of being foolhardy.

As part of the larger financial reform package, Representatives Alan Grayson and Ron Paul’s audit the Federal Reserve provision passed the House of Representatives Friday.

Before serving as Chairman of the Federal Reserve, Ben Bernanke was the head of George W. Bush’s Council of Economic Advisers, operating in the Christina Romer role. During that period he parroted the rose-colored outlook of the economy that characterized the Bush Administration prior to the Great Recession they created.

Ben Bernanke let his slip show at multiple points during his confirmation hearing today. First, he echoed bank robber Willie Sutton in targeting nothing less than Social Security, then he took a pot shot at Medicare, and then he dismissed the idea of a second stimulus package to create more jobs. No wonder three senators now have holds placed on his renomination.

In an exclusive video obtained by FDL News, Sen. Jim Bunning tells Mike Stark of Stark Reports that he will indeed place a hold on the nomination of Ben Bernanke to a second term for the Federal Reserve, as expected after his blasting of Bernanke earlier today.