Lots of poop got thrown at Ben Bernanke during his Senate confirmation hearing yesterday, but the MVP award goes to Jim Bunning, pitcher from Kentucky.
The Wall Street Journal has the full text of his statement. It is epic.
Four years ago [...] I was the only Senator to even raise serious concerns about you. I opposed you because I knew you would continue the legacy of Alan Greenspan, and I was right. But I did not know how right I would be and could not begin to imagine how wrong you would be in the following four years. [...]
[Y]ou have decided that just about every large bank, investment bank, insurance company, and even some industrial companies are too big to fail. Rather than making management, shareholders, and debt holders feel the consequences of their risk-taking, you bailed them out. In short, you are the definition of moral hazard.
From monetary policy to regulation, consumer protection, transparency, and independence, your time as Fed Chairman has been a failure. [...] Where I come from we punish failure, not reward it. That is certainly the way it was when I played baseball, and the way it is all across America. Judging by the current Treasury Secretary, some may think Washington does reward failure, but that should not be the case. I will do everything I can to stop your nomination and drag out the process as long as possible.
Listen, if anybody knows about failure being punished, it is Jim Bunning.
(Seriously though: it's nice that people want to keep Ben on his toes. I just don't understand why it's only the crazy people.)
Tags: Ben Bernanke, Economy, Federal Reserve, Jim Bunning, Sports