We’re gearing down for the worst recession since ’80-’81 — and the worst inflation since then, too — and Congress fiddles while Rome burns:
Federal Reserve Chairman Ben Bernanke has appealed to Senate Democratic leaders to confirm President Bush’s long-pending nominations to fill two empty chairs as Fed governors, enabling a fully staffed central bank to handle the current financial crisis. He did not receive a favorable response from Sen. Christopher Dodd, Senate Banking Committee chairman.
And what’s President Bush doing? About the same:
Bush has not yet named anyone for a new vacancy, so three of seven seats on the Fed’s Board of Governors are empty, with an imbalance of economists over bankers.
Fortunately, Bush will leave office next January. But it looks like this Congress is here to stay.