Ben Bernanke Wins Second Term As Federal Reserve Chief
Federal Reserve chairman Ben Bernanke was reconfirmed by the Senate today to a second term as the head of the central bank after surviving weeks of bipartisan criticism for his failure to see the emerging financial crisis that triggered the worst recession since the Great Depression.
Bernanke's critics have claimed that the Fed chief did not do enough to prevent the nation's financial meltdown in the fall of 2008. While even some of his supporters shared that view, Bernanke eventually won the backing of lawmakers who argued that the central bank boss may have helped avert a second Great Depression.
"He basically allowed the Fed to become the lender of the nation," said Sen. Judd Gregg, R-N.H. "The way he did it was extraordinary in its creativity and the results were that the country's financial system did not collapse. And many Americans, every day Americans' lives were not fundamentally...