If there is a hint of bipartisanship in the U.S. Senate, it involves whether Ben Bernanke should be confirmed for a second term as chairman of the Federal Reserve Board. A number of senators of both major parties worry that Bernanke and other Fed officials did not see the current downturn in the economy coming and did not take appropriate steps to prevent it.

Clearly, Bernanke was lulled into the same false sense of security that affected many Americans before major financial institutions began to fail and U.S. companies started laying off workers by the millions.

During a speech in Chicago in May 2007, Bernanke said the Fed was aware of problems in the so-called "subprime lending" industry, including those involving mortgages.

But Bernanke said in his speech that "we see no broad spillover to banks or thrift institutions from the problems in the subprime market." In fairness, it should be noted that Bernanke was merely echoing the beliefs of many Fed analysts, whose reports gave little or no hint of the meltdown to come within months.

The Senate Banking Committee has endorsed Bernanke for a second term - but by a vote of 16-7, indicating that some lawmakers have their doubts. When his confirmation comes before the full Senate in January, it is likely more probing questions will be asked - as they should be.