Federal Reserve Chairman Ben Bernanke, making his case for a second term, defended his record on Thursday before a skeptical Senate that criticized the central bank for failing to prevent the financial crisis.
Bernanke faced pointed, sometimes angry, questions from senators, many of whom accused the Fed of regulatory failures they say laid the groundwork for last year's financial meltdown.
Bernanke argued that the U.S. central bank's aggressive actions to combat the financial crisis had been crucial to preventing an even more severe economic slump.
"We played a central role in efforts to quell financial turmoil," Bernanke told the Senate Banking Committee. "As serious as the effects of the crisis have been ... the outcome could have been markedly worse."
The hearing may be more for the cameras than anything else. The Fed chief, whose 4 year term expires at the end of January is widely expected to win Senate backing.
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Trader disclosure: On December 3rd, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Najarian Owns (AAPL) Call Spread; Najarian Owns ((BAC) Call Spread; Najarian Owns (INTC) & Short (INTC) Calls; Najarian Owns (DELL) Calls; Najarian Owns (TJX); Najarian Owns (TXN); Najarian Owns (FCX) Call Spread; Najarian Owns (INTC) & (INTC) Calls; Najarian Owns (UAUA) Call Spread
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Sandler O'Neill Expects To Receive Compensation From (BAC)
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