Republican Strategery: Block Bernanke

I'm not sure that Bernanke's confirmation for a second term as Fed chairman is a foregone conclusion like everyone else seems to think.

In my opinion, Bernanke has done a pretty good job. He was slow to realize a crisis was coming, but once he realized the severity, he got us through without a systemic collapse. To do that he had to shovel money out the door, and I'm sure he made a bunch of mistakes in the heat of the moment. He hasn't been particularly eager to reform the system to prevent this happening again. But overall, he was handed a timebomb by Greenspan, and used the tools he had to contain the damage.

That said, it would make tremendously good politics for the Republicans to oppose him. Bernanke is one of the few political/financial figures who has been in place for the entirety of the crisis. He can fairly be blamed for a lot of the decisions, and he helped to create the overall Massive Bailout strategy. As such, he is perhaps the best embodiment of the government's economic policy over the last 3 years, which is hugely, incredibly, awfully unpopular.

The Republican modus operandi over the past year has been to oppose, protest, reject, whether it's a stimulus bill, health care, or a war strategy in Afghanistan. I can't imagine a political issue where the ground is more favorable than opposing Bernanke.

What's more, they would have a decent chance of success. Bernie Sanders, a Socialist Vermont senator who caucuses with the Democrats, opposes Bernanke as well, and has put a hold on his nomination. This means Harry Reid will need 60 votes for confirmation. I think Reid will have a hard time rounding up the rest of the Democrats, let along getting Olympia Snowe or Susan Collins or George Voinovich to switch sides. Say what you want about the Republicans' philosophy, but their caucus discipline has been superb. And mounting a confirmation fight now would force Obama to spend political capital on Bernanke, rather than on health care.

Who would replace Bernanke? For the GOP, it doesn't matter -- whoever Obama comes up with, they can attack him or her just as viciously.