Bunning v. Bernanke

I believe that the tools available to the banking agencies, including the ability to require adequate capital and an effective bank receivership process are sufficient to allow the agencies to minimize the systemic risks associated with large banks. Moreover, the agencies have made clear that no bank is too-big-too-fail, so that bank management, shareholders, and un-insured debt holders understand that they will not escape the consequences of excessive risk-taking. In short, although vigilance is necessary, I believe the systemic risk inherent in the banking system is well-managed and well-controlled.

That was Fed Chairman Ben Bernanke at his last confirmation hearing.

Kentucky Senator Jim Bunning (R) reminded Bernanke of this statement during confirmation hearings for Bernanke's second term.

Bunning has become something of a "crazy uncle" of the Senate and he won't run for re-election (probably because even his own party's support was either lackluster or lacking entirely) but he did make the most of the Bernanke hearing and lived up to his reputation.

Bunning's statement to Bernanke included this:

you bowed to the political pressures of the Bush and Obama administrations and turned the Fed into an arm of the Treasury. Under your watch, the Bernanke Put became a bailout for all large financial institutions, including many foreign banks. And you put the printing presses into overdrive to fund the government’s spending and hand out cheap money to your masters on Wall Street

And this:

the A.I.G. bailout alone is reason enough to send you back to Princeton.

When he closed with this, he even got a shot in at Treasury Secretary Tim Geithner:

Judging by the current Treasury Secretary, some may think Washington does reward failure, but that should not be the case. I will do everything I can to stop your nomination and drag out the process as long as possible. We must put an end to your and the Fed’s failures, and there is no better time than now.