Do you want to know how bad the economy REALLY is? Today your Fed Chairman, Ben Bernanke, spent part of his day phoning Senators trying to drum up support for HIS OWN confirmation vote. Why on earth would he do that?

Is it because he loves the pressure cooker he's been deposited in to? Maybe he loves going before Senator Bunning and Congressman Ron Paul in those pesky hearings and getting insulted to his face. Perhaps he enjoys going to bed every night wondering if he's going to be awaken from his sleep by some new financial crisis that he can claim (again) he didn't foresee.

Wouldn't it be easier if he just said "The heck with them. If they don't want me, I'll just go back to the classroom. I've paid MY dues".
It sure seems like that's what most people would do. So why work so hard to keep this seemingly thankless job?

To me it's simple. He understands how serious our (and by extension the worlds) financial problems really are. He believes he has a handle on it and that things are under control. He believes if he relinquishes his grip, voluntarily or by force, everything he worked for will be lost in a moment and the world will spiral out of control....again.

As  result he feels like he NEEDS to be in that chair, and he's willing to campaign to stay there. I can almost hear the exchange now:

Senator Bunning: "Did you order the QE?"

Bernanke's counsel: "You don't have to answer that."

Bernanke: "I'll answer the question. You want answers?"

Senator Bunning: "I think I'm entitled"

Bernanke: "You want answers?"

Senator Bunning: "I want the truth!" 

Bernanke: "You can't handle the truth! Son, we live in a world that has a System, and that System has to be guarded by men with a printing press. Who's gonna do it?  You, Senator Bunning? I have a greater responsibility than you can possibly fathom. You weep for Lehman and you curse the Fed. You have that luxury. You have the luxury of not knowing what I know: that Lehman's death, while tragic, probably saved AIG. And my existence, while grotesque and incomprehensible to you, saved the System! You don't want the truth because deep down in places you don't talk about at parties, you want me guarding the System! You need me guarding the system! We use words like PCE price deflator, reverse repos, aggregate demand. We use these words as the backbone of a life spent inflating something. You use them as a punchline! I have neither the time nor the inclination to explain myself to a man who rises and sleeps under the blanket of the very prosperity that I provide, and then questions the manner in which I provide it! I would rather you just said "Thank you" and went on your way. Otherwise, I suggest you pick up a loan application and borrow some more money. Either way, I don't give a damn what you think you are entitled to!"

Senator Bunning: (voice rising) "Did you order the QE?"

Bernanke: "I did my job."

Senator Bunning: (screaming) "Did you order the QE?"

Bernanke: (screaming back)"You're dadgum right I did!!!"

Now you know what he really wants to say.