Lest you think that I never think a leftwing rebellion agains the Obama administration is a good idea, let me hail Senator Jeff Merkley for voting against Ben Bernanke’s reconfirmation as Chairman of the Federal Reserve.
Given that Bernanke’s strategy is to accept years of high unemployment in order to head-off any hypothetical risk of future inflation, it’s somewhat baffling to me that six Republicans on the Senate Banking Committee voted no on his nomination. Bernanke’s approach, at the end of the day, makes GOP wins in 2010 and 2012 very likely. And for the all the same reasons, I’m having a lot of trouble seeing why Senate Democrats seem to think signing this anti-inflation suicide pact is a good idea.
But given that a healthy number of Republicans seem inclined to try to block Bernanke, there’s a real possibility here for a relatively small number of left-wing populists and other people who believe their constituents should have jobs.