ABC News reports that "the Senate Democratic leadership isn't sure there are enough votes to re-confirm Ben Bernanke for another term as chairman of the Federal Reserve." Bernanke's current term expires on January 31.
Time magazine's decision to name Bernanke the 2009 "Person of the Year" must not have changed many minds on Capitol Hill!
Bernanke is caught in a populist rip-tide. The Fed is one of the few institutions targeted by both left- and right-wing populists. Bernanke is a good man who's done his best in difficult times. Indeed, the Fed's opening the money floodgates may well have prevented a second Great Depression. Nevertheless, Bernanke may be the first member of the Obama economic team to take a fall. Who will be next? My bet is neither Geithner nor Summers makes it to January 2011. Or even November 2010.
Update, 4:02 p.m.: A reader points out that I misread Tapper's reporting. Thanks to a hold that has been placed on his nomination, Bernanke needs 60, not 50, votes for a second term.