As President Obama considers his proposals to respond to the jobless crisis and Wall Street prepares to shower executives with record bonuses, Vermont Senator Bernie Sanders has put a hold on Ben Bernanke’s re-nomination as Federal Reserve Chairman.

Bernanke is widely seen as one of the causes of the financial crisis.  In his efforts to keep his job, Bernanke testified that he was committed to the Fed’s “dual mandate, which is growth and inflation.”

In fact, the Fed has a “dual mandate” to promote full employment and stable prices.

Bernanke and the rest of the banker crowd seem to have long ago forgotten that full employment (defined as 3% unemployment for persons age 20 and over) is supposed to be a fundamental goal of federal reserve and government policy.

Corporate bigwigs and Wall Street financiers are selling us the idea of a ‘jobless recovery,’ telling the unemployed to wait while they give themselves record bonuses. They want policy makers to accept high unemployment, low wages and economic insecurity as the new normal.

For the 1,500+ organizations that make up Jobs with Justice coalitions around the country, it’s long past time to take full employment seriously, beginning

Continue reading Does Bernanke Know What the Fed is Supposed to Do?