America’s emerging from what analysts say is its worst financial situation since the Great Depression and Federal Reserve Chairman Ben Bernanke is getting some of the blame. The U.S. Senate is expected to vote as soon as tomorrow on whether to give Bernanke another four-year term and Iowa Senator Chuck Grassley says he’s still undecided.
“It depends on what he’s going to do on inflation and he hasn’t been very clear about what he’s going to do on inflation and he ought to be very clear,” Grassley says. “That’s the impending economic problem that we face.” Grassley, a Republican, says billions of federal tax dollars were spent in recent months in an effort to offset the economy’s downward spiral through a variety of bail-outs and stimulus packages.
“So much money was shoveled out the airplane door, the printing presses were turned on, and until that’s starting to be sopped up or mopped up, we’re going to be in a stage of hyper-inflation, worse than what we had in ’79 and ’80,” Grassley says. “He hasn’t spoken out on that issue yet.”
Bernanke was appointed by President George W. Bush and succeeded Alan Greenspan as Fed chairman on February 1st of 2006. He was nominated for a second term by President Obama last year. Bernanke’s first four-year term as chairman ends on Sunday.