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Report: Bernanke to Step Down From Fed Regardless of Who Wins Election

Oct. 23, 2012 3:14pm Becket Adams

Chairman of the Federal Reserve Ben Bernanke has reportedly told close friends that he will step down at the end of his second term in 2014 regardless of who wins the 2012 presidential election, the New York Times reports.

Even if he wanted to stick around for a third term, it would require an Obama victory. Former Massachusetts governor Mitt Romney has said that he would not re-appoint Bernanke should he win the White House.

Bernanke, a Bush appointee, has declined to comment on whether he’d try for a third term.

“I am very focused on my work, I don’t have any decision or any information to give you on my personal plans,” he said during a news conference in September after the Fed introduced its never-ending third round of quantitative easing (QE3).

The White House and the Fed have declined to comment on Bernanke’s post-2014 plans.

Should the NYT report prove accurate, Bernanke would be joining Treasury Secretary Timothy Geithner who has said that he doesn’t plan on sticking around past 2012.

But let’s say President Obama wins and Bernanke still declines the post. Who would replace him?

The president’s staff has already allegedly considered a number of candidates, including former economic adviser Larry Summers, Fed vice chair Janet Yellen, and economist Alan Krueger.

And if Gov. Romney takes the White House, his people are supposedly considering right-leaning economists, including Harvard economist Greg Mankiw and Stanford professor John Taylor

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Front page photo courtesy the AP.

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Comments (107)

dabbob
Posted on October 23, 2012 at 4:32pm
Buck fernanke!

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- The-Monk
  Posted on October 23, 2012 at 4:55pm
  Where’s he going next?
  
  IMF, Clinton Global Initiative, SCOTUS, NWO…… a nice little condo in Russia?
  
  Report this comment
- rrjenn
  Posted on October 23, 2012 at 5:29pm
  I wonder which Jew will be taking his place. Not that I mind Jews controlling our economy. Minding our money is their job.
  
  Report this comment
- getitgotitgood
  Posted on October 23, 2012 at 6:30pm
  this sonofabitch needs to be killed
  
  Report this comment
- jlfonz
  Posted on October 23, 2012 at 8:24pm
  If he really wants to help the economy he helped destroy then he should just retire on inauguration day
  
  Report this comment
- ObamaForward_OverTheCliff
  Posted on October 23, 2012 at 8:25pm
  “Report: Bernanke to Step Down From Fed Regardless of Who Wins Election”
  
  More like … “Bernanke to MAKE A FAST GET-AWAY Regardless of Who Wins Election”!
  
  Well, Bernie, you can run but you can’t hide …
  
  Report this comment
- Individualism
  Posted on October 23, 2012 at 9:02pm
  he thinks he will be safe from the wrath from the American people during the revolution, haha yeah right, he will be one of the first traitors to be punished.
  
  Report this comment
- rickc34
  Posted on October 23, 2012 at 9:27pm
  Well I done all the damage I can time to go to my private Island. Thanks Barak see you at the party. Sign Bernake
  
  Report this comment
- Ballot_Box_Revolution
  Posted on October 23, 2012 at 9:50pm
  It’s doesn’t matter…..it is the system that is the problem, not this one man…
  
  A step down is to make the people think all is well now…
  
  Report this comment
- resme
  Posted on October 24, 2012 at 5:19pm
  @RRjenn, Janet Yellen.
  
  Report this comment
RiseAboveThem
Posted on October 23, 2012 at 4:25pm
Bernanke is a coward–he’s been running the printing presses for a couple of years and now the wimp plans to jump ship before before the economy implodes.

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- Rothbardian_in_the_Cleve
  Posted on October 23, 2012 at 4:27pm
  Monetary expansion sure as heck didn’t start with Bernanke. He just got all the press for it.
  
  Report this comment
- drs1969
  Posted on October 24, 2012 at 12:20am
  He is Monetary Expansion on Steroids. These outrageous gov. deficits could not exist if the Fed wasn’t buying Treasury debt. Also, $40 Billion per month MBS debt to clear the banks to buy Treasury debt. Thief, and he said he was going to do it, before he got the job. Helicopter Ben.
  
  Report this comment
dont_drive_slow_in_the_left_lane_obliviot
Posted on October 23, 2012 at 4:24pm
end of an error.

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- bpodlesnik
  Posted on October 24, 2012 at 8:19am
  Now that was good. Did you just come up with that?
  
  Report this comment
nobull14
Posted on October 23, 2012 at 4:22pm
I think they should take his passport away and get him ready for his jail cell ?

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- justangry
  Posted on October 24, 2012 at 1:04pm
  He’s just doing what he’s told.
  
  Report this comment
Dcalvert
Posted on October 23, 2012 at 4:16pm
Sure..he’s going to “resign” because that sounds better on a resume than “Romney threw his ass out”.

This guy did more damage to the economy than anyone but Barry Soetoro himself. Look up the word “accomplice” in the dictionary, and you’ll see Helicopter Ben’s smiling face.

Shame on you Ben!

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- Rothbardian_in_the_Cleve
  Posted on October 23, 2012 at 4:26pm
  Um, yeah. Sure. Because Romney isn’t backed by the banks. Because the names associated with Romney appointments are left of Bernanke and surely aren’t new keynsians like Krugman. Because Romney is against monetary expansion to facilitate asset class speculation like say LBO’s.
  
  /sarc
  
  Report this comment
Gary_K
Posted on October 23, 2012 at 4:14pm
Bernanke, thats right run away after the damage has been done you POS communist.

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getourcountryback
Posted on October 23, 2012 at 4:07pm
GOOD! One more down.

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- soybomb315_II
  Posted on October 23, 2012 at 4:15pm
  until we remove the root – another one will just pop up in its place
  
  Report this comment
- Fubared
  Posted on October 23, 2012 at 5:18pm
  Soy all extra half full glass. Sad to be a disgruntled bot. Half bot.
  
  Report this comment
- soybomb315_II
  Posted on October 23, 2012 at 5:41pm
  did you just do a james bond reference?
  
  Report this comment
DisgustedinUSA
Posted on October 23, 2012 at 3:59pm
Sure, “lets completely destroy the American economy, and then when no one wants us back, lets quit”

Bunch of jackasses!!!

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The-Monk
Posted on October 23, 2012 at 3:58pm
Why wait until 2014?

Besides.. he cant do anymore QE’s since his last one is indefinite ans forever.

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- Rothbardian_in_the_Cleve
  Posted on October 23, 2012 at 4:01pm
  QEternity.
  
  Report this comment
Gonzo
Posted on October 23, 2012 at 3:47pm
I wonder which tribe the new one will be from.

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- The-Monk
  Posted on October 23, 2012 at 3:59pm
  I wonder what his pension looks like?
  
  Report this comment
psadie
Posted on October 23, 2012 at 3:46pm
WHY wait till 2014, RESIGN NOW. Bernanke is a disgrace and he needs to be put in prison. As a matter of fact, all of the law breakers from Jon Corzine on down need their asses is jail. WHAT will it take to follow the rule of law and prosecute? This is a travisty of justice; it is sickening.

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- Prosecute_Constitutional_Treason_In_Washington
  Posted on October 23, 2012 at 3:53pm
  The next helicopter pilot better bring alot of cash to the table for Europe and US not to mention all the free money for ME and S. America.
  
  Report this comment
- Rothbardian_in_the_Cleve
  Posted on October 23, 2012 at 4:01pm
  Unless you are willing to use a torch and pitchfork it ain’t going to happen. The fed and the banks run the whole show. Do you really think politicians would send union thug police to arrest the people who print the freaking money? Please. If you believe that I have a bridge to sell you.
  
  The whole thing is a scam, a charade, cooked up to fool simple minded peasants robbed of words and reason by a failing education system and parents preoccupied with American Idol and iCrap.
  
  Nope, it ends in tyranny and a few dead patriots posthumously labeled terrorists.
  
  Report this comment
Magyar
Posted on October 23, 2012 at 3:46pm
Bernanke’s statement is telling just as Beckle’s was last week on the Five. When the poll numbers were announced showing Romney with a 5 point lead– he lowered his head and said in a pitiful voice, “It’s over.”

Oh, LORD, gracious and merciful GOD— please save our nation!

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JimL
Posted on October 23, 2012 at 3:46pm
Ron Paul

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- Cavallo
  Posted on October 23, 2012 at 4:04pm
  I think Mr Paul might be a little too hurt over the primary to accept any cabinet or nomination in a Romney Administration. The Obamessiah would never have him near any financial oversight whatsoever. It would put Paul in a very powerful position.
  
  Report this comment
- mrunner
  Posted on October 23, 2012 at 4:27pm
  Took the words out of my mouth. Ron Paul. Not a huge Ron Paul fan- but the Fed games would stop immediately. Go through 5-8 months of finacial hell and then a true recovery could begin.
  
  Report this comment
- drs1969
  Posted on October 24, 2012 at 12:25am
  Paul would die mysteriously, first. Bankers have too much to lose.
  End the FED.
  
  Report this comment
progressiveslayer
Posted on October 23, 2012 at 3:45pm
What’s the problem Ben you don’t want to stick around and see what you’ve done to America by devaluing the dollar to worthless? Come on Ben it’s not like you’ll be able to go to,well you won’t be able to escape it because the depression will be global.

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soybomb315_II
Posted on October 23, 2012 at 3:43pm
The bernak obviously knows something that we dont know. He sees ‘volatility’ on the horizon

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- drs1969
  Posted on October 24, 2012 at 12:29am
  The water has been circling the drain for years now. He’s the only thing that’s kept the markets suspended in mid-air. Now he’s played out. 600 S&P, anyone?
  
  Report this comment
SocialistSlayer
Posted on October 23, 2012 at 3:38pm
Yeah, He sees that Romney has won the election and his days are numbered! If I was the one elected he would be arrested and tried for Treason !

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- Rothbardian_in_the_Cleve
  Posted on October 23, 2012 at 3:49pm
  Do you know why his days are numbered if Romney wins? Because he’s not liberal enough. Romney’s nominees are LEFT of Bernanke.
  
  Report this comment
RaydocX
Posted on October 23, 2012 at 3:36pm
is he going to take his toys and speaker fees and move to Canada or New Zealand?

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Mr Sanders
Posted on October 23, 2012 at 3:34pm
Thank God!!!!!!

Now lets just pray that some JP Morgan/Case or GoldmanSacks braintrust gets in to play.

Maybe when he steps down… we can just shut the place down and turn off the lights, aey?!

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- soybomb315_II
  Posted on October 23, 2012 at 3:48pm
  not under Romney or Obama’s watch
  
  Report this comment
RightUnite
Posted on October 23, 2012 at 3:32pm
He’s stepping down regardless, because he knows he’s going to be told to step down.

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- Rothbardian_in_the_Cleve
  Posted on October 23, 2012 at 3:41pm
  Do you even read the article? Do you see who Romney is pimping for the post? Have you read any of their work? Do you know what New Keynsianism is?
  
  Report this comment
Tri-ox
Posted on October 23, 2012 at 3:28pm
Hopefully, When President Romney takes office in January, he will ask Bernanke to resign immediately – America and the Romney Administration CANNOT afford to have a dirty traitor like Bernanke running the Fed.

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- The_Jerk
  Posted on October 23, 2012 at 3:34pm
  They’ve all been traitors. You’re just now waking up to that reality.
  
  Report this comment
- Rothbardian_in_the_Cleve
  Posted on October 23, 2012 at 3:35pm
  What a joke. You don’t really believe the junk you’re saying do you? Bernanke did everything perfectly for his job. The banks are alive and profitable. The housing market has been pumped (twice). The stock market is constantly being pumped. Balance sheets expand continually to create the perception of asset values. The fed bought 70% of govt paper with money conjured out of thin air and interest rates are low and our inflation is exported to the rest of the world via petrodollars that our sons and daughters die for in foreign lands to ensure the hegemony survives.
  
  He was a PERFECT fed chairman. The problem is that the FED doesn’t work for you or me or our children or anyone except the bankers, wall street and politicians. In fact, they stole from you and your families through inflation in order to create wealth in asset classes of their stakeholders.
  
  You, we, us….we’re all suckers and too stupid and/or gutless to do what is necessary to remove the cancer.
  
  Report this comment
- CatB
  Posted on October 23, 2012 at 3:37pm
  Amen .. Bernanke lied to Congress when he said he would not “monetize” the debt. He needs to be gone and more .. charges should be brought .. he was under oath at the time.
  
  Report this comment
Rothbardian_in_the_Cleve
Posted on October 23, 2012 at 3:26pm
This is a joke right? Both of Romney’s dudes are New Kensians or Neo-Keynsian. OMG, you GOP lemmings are a mess!!!! How long have we been telling you that Romney is a progressive? You just keep plopping your heads in the the sands of cognitive dissonance and marching over the cliff. Absolutely absurd!!! Romney is basically beating you over the head with the truth and for some reason you all won’t accept it.

You have yourselves to blame.

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- TSUNAMI_22
  Posted on October 23, 2012 at 3:33pm
  Peter Schiff for Fed chairman. Wouldn’t that be cool?
  
  I can dream, can’t I?
  
  Report this comment
- huey6367
  Posted on October 23, 2012 at 3:39pm
  @ Roth
  
  You sound like either a lib in sheeps clothing or a Ron Paul supporter. Please calm down.
  
  Report this comment
- Rothbardian_in_the_Cleve
  Posted on October 23, 2012 at 3:48pm
  Huey,
  
  Try reading. It helps. New Keynsianism is the same school as Stiglitz and Krugman. John Taylor is one of the founders of this school. He gave us the Taylor rule which is basically an assault on the concept of allowing market interest rates and that central banks should set the rate. He’s beloved by Janet Yellen…who if you read the story would be Obama’s nominee.
  
  “You sound like either a lib in sheeps clothing or a Ron Paul supporter. Please calm down.”
  
  Let me retort.
  
  You sound like a moron or a lemming. Please read a book or find a spine.
  
  Report this comment
- soybomb315_II
  Posted on October 23, 2012 at 3:50pm
  Yea just ‘calm down’ rothbard, its not like this is important or anything……..
  
  Report this comment
- resme
  Posted on October 23, 2012 at 4:53pm
  “Bernanke steps down” < "Romney nominates Janet L. Yellen" < " John Mccain gives chilling Senate speech how America is saved"
  
  Report this comment
myptofvu
Posted on October 23, 2012 at 3:24pm
Notice how he says this after Romney starts leading in the polls

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- The_Jerk
  Posted on October 23, 2012 at 3:28pm
  The Fed/Wall Street marriage is bigger than any presidential candidate. Rothschild Brothers of London, 1863. “Give me control of a nation’s money and I care not who makes it’s laws”
  
  Report this comment
- The_Jerk
  Posted on October 23, 2012 at 3:33pm
  “The president’s staff has already allegedly considered a number of candidates, including former economic adviser Larry Summers, Fed vice chair Janet Yellen, and economist Alan Krueger.”
  
  What are the chances? What is the probability? They’re all Jewish. The Jewish mob has controlled the Fed my entire lifetime. What are those odds?
  
  Report this comment
- tzion
  Posted on October 23, 2012 at 4:04pm
  @Jerk
  Odds? What are the odds that we have yet to elect a women President despite having been able to for some time? You can’t use odds to prove a conspiracy. By your logic, the NHL is racist against blacks and the NBA is controlled by blacks.
  
  Report this comment
- Fubared
  Posted on October 23, 2012 at 5:21pm
  Man-
  Don’t bring up blacks, or God forbid Jews, around jihad jerk. Lalalalalalalala.
  
  Report this comment
- drs1969
  Posted on October 24, 2012 at 12:38am
  Re: Jerk
  I’d guess that they’ve ‘controlled’ the Fed since 1913. Brandeis arrived at the Sup. Ct. a few years later, then came Lenin and Trotsky. German Nazism was a self defense mechanism to stop it in Germany, but all we hear is the propaganda.
  None are more blind than those who refuse to see. Brainwashed.
  
  Report this comment
U.N.hater
Posted on October 23, 2012 at 3:21pm
RUN and HIDE you little communist! Hope to he!! Romney shut’s the fed down. One can only dream….

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- Rothbardian_in_the_Cleve
  Posted on October 23, 2012 at 3:28pm
  Yeah, because the Neo-Keynsians he has as candidates are totally going to do that.
  
  Report this comment
- U.N.hater
  Posted on October 23, 2012 at 3:45pm
  The pres. doesn’t pick the next guy THE FED. DOES! Please get rid of the fed….
  
  Report this comment
huey6367
Posted on October 23, 2012 at 3:20pm
You better step down. I am sure Romney doesn’t want you.

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- Rothbardian_in_the_Cleve
  Posted on October 23, 2012 at 3:28pm
  Do you even know who Romney’s candidates are? Compare them to Bernanke. They are left of Helicopter Ben! Bernanke was appointed by BUSH for Pete’s sake!!!!
  
  Wake up people!!!!
  
  Report this comment
- huey6367
  Posted on October 23, 2012 at 3:37pm
  I know he was appointed by Bush. Calm down dude before you have a stroke. And I am pretty sure Romney doesn’t know who his candidates are yet. But Bernake has to go. Can you read?
  
  Report this comment
- Rothbardian_in_the_Cleve
  Posted on October 23, 2012 at 3:56pm
  Yeah, my bad. They forgot to add Glenn Hubbard to that list. I wonder why? /sarc
  
  Report this comment
- BTexpress
  Posted on October 25, 2012 at 12:01pm
  True bennie bernanke was named under the cheney/busche regime. and whether the fed or obamba made the decision, Obomba himself made the Announcement to RE-APPOINTED Bernanke to the ILLEGAL/Criminal/Un-American “Fed” so REALLY, is there any difference between cheney/gwb, … obomba/biden, romney/howdy doody ?? They are ALL just a bunch of Sock Puppets — Wind up Toys
  
  Report this comment
tonypro
Posted on October 23, 2012 at 3:17pm
I think he’s getting ready to cut, and run when the treason charges start being handed out.

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- huey6367
  Posted on October 23, 2012 at 3:21pm
  Why is he not in jail already? Revoke his passport so he can’t leave the country.
  
  Report this comment
- The_Jerk
  Posted on October 23, 2012 at 3:24pm
  He played his role. Now’s time to move-on.
  
  Report this comment
- Rothbardian_in_the_Cleve
  Posted on October 23, 2012 at 3:30pm
  Look at Larry Summers work and contrast it to Romney’s guys. Summers is more Austrian than either of them and he’s Obama’s guy.
  
  Report this comment
- Rothbardian_in_the_Cleve
  Posted on October 23, 2012 at 3:39pm
  Huh? Who’s going to do it? Why would the justice department do it. The leaders of the executive branch are funded by the financial institutions that benefit from the fed’s monetary policies of stealing your purchasing power.
  
  Romney is backed by wall street. Wall street is making a killing on the fantasy of asset classes and borrows money at 0% interest to put into their trading desks and the money is conjured out of thin air eroding your purchasing power. When the leverage whips back the risk is all socialized to the taxpayers. Romney won’t touch that institution. Why should he? He’s a progressive and the Fed is perfectly inline with what he needs to have happen.
  
  His nominees are neo-keynsians for Pete’s sake.
  
  Report this comment

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