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cthulu2016

(10,960 posts)
1. Does the reporter know Fed decisions are not majority votes?
Wed Dec 12, 2012, 08:29 PM
Dec 2012

I applaud Bernanke's actions through Obama's first term, and distinctly applaud his current stance.

That said, this reporter is leaving an odd implication here:

And so today’s decision is a consequence of an election, but not the one we just had — it’s a consequence of the November 2008 election, which allowed Obama to appoint and a Democratic Senate to confirm members of the Fed Board of Governors; he’s now appointed six of seven, all of whom voted for today’s policy.


Fed policy votes are advisory. If then entire Board of Governors except the chairman votes one way and the Chair (Bernanke) votes the other way, the chair wins.

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