Helicopter Ben Misses His Flight

With Bernie Sanders breaking the ice on revoking Helicopter Ben's pilot license (not to mention his license to print craploads of money) it seems the GOP now wants to take a couple swings at the pinata as well.  D-Day's got the goods:

The source, speaking on condition of anonymity because of his work behind the scenes on the Bernanke confirmation, told me that two separate sources assured him that the Republican hold would be made public after today’s hearing. One staffer said that two Republicans would place the hold, while the other said it would just be one. The source said that the trans-partisan nature of opposition to Bernanke, with a conservative Republican and a socialist independent uniting to block the appointment, shows the intensity of the feelings on the issue. “It’s great to see everyone come together – Democrats, Republicans, progressives and libertarians, against this Federal Reserve, which is not federal, and not a reserve, just a group printing money and giving it to their buddies,” the source said.

While most people think that the multiple holds would delay the process, it’s unclear whether or not it would succeed. Dodd would probably have the discretion to roll over the hold in committee, though he may be reluctant to do so, experts in Senate procedure said. Harry Reid could also seek cloture on the motion to proceed on Bernanke’s nomination on the floor, which would require 60 votes.

At the very least, this delay and the publicity surrounding bipartisan opposition to Bernanke would bring attention to the issue of the Federal Reserve and the desire for transparency, like the movement to audit the Fed. That provision has already passed in the large financial reform bill in the House Financial Services Committee, and Barney Frank said yesterday that he didn’t expect any changes to the bill as it passed the House, citing the public anger over the issue of transparency. There is language on Fed audits in the draft financial reform bill written by Sen. Dodd, which also strips the Fed of some of its power, but it is not the same as Bernie Sanders’ audit the Fed bill, which has as many as 30 cosponsors.

The source, who has been working on the Federal Reserve issue for five years, marveled at how the issue has gained so much new attention during the financial crisis. “Up until last year, nobody knew what the Fed was. Ron Paul got 5 co-sponsors on his audit bill when he first introduced it, and now we have 300.”

And even I think the Audit The Fed/Dump Bernanke movement is a worthy one.  There's literally trillions at stake here, and it's turned into a huge mess.  There's no transparency on the biggest of the "Too Big To Fail" banks...the Fed itself.

Anything that puts Bernie Sanders on the same side as the Teabaggers is probably worth looking at very closely, and for once I agree.

[UPDATE 3:05 PM]  That Republican hold has been revealed as none other than Kentucky's very own Jim Bunning, and he's promising more Republicans will join him.

Now things are getting interesting.

[UPDATE 4:12 PM]   And Bernanke's great idea is to get rid of Medicare and Social Security.  No, really.

"Well, Senator, I was about to address entitlements," Bernanke replied. "I think you can't tackle the problem in the medium term without doing something about getting entitlements under control and reducing the costs, particularly of health care."

Bernanke reminded Congress that it has the power to repeal Social Security and Medicare.

"It's only mandatory until Congress says it's not mandatory. And we have no option but to address those costs at some point or else we will have an unsustainable situation," said Bernanke.

Yeah, I'm sure that will go over well.