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Republicans Boehner, McConnell, Kyl And Cantor Send Letter To Bernanke, Blasting QE2
In a letter written by republicans bashing the Fed's QE2, the four congressmen and senators amusingly insist "that monetary policy decisions by the U.S. Federal Reserve must be free and independent from political pressures." It is not that we disagree. But even a blind monkey may see the irony of a political group telling the Fed to do something. The only way the Fed will be independent is if it is terminated. Why is it so difficult for these politicians to grasp this. And no, removing the maximum employment mandate won't do jack - the only thing that will happen is more papers from various Fed professors will be published explaining how, suddenly, they have discovered that printing massive loads of money is in fact deflationary.
Full letter.
Board of Governors of the Federal Reserve System
20th Street and Constitution Avenue, NW
Washington, D.C. 20551
Dear Chairman Bernanke:
We firmly believe that monetary policy decisions by the U.S. Federal Reserve must be free and independent from political pressures. At the same time, the Federal Reserve should be open to receiving input and data from a wide range of sources. This combination preserves confidence in the credibility and effectiveness of decisions made by the Federal Reserve.
It is with that understanding that we write to express our deep concerns over the recent announcement that the Federal Reserve will purchase additional U.S. Treasury bonds, the so-called Quantitative Easing 2 (QE2). While intended to improve the short-term growth of the U.S. economy and help maintain a stable price level, such a measure introduces significant uncertainty regarding the future strength of the dollar and could result both in hard-to-control, long-term inflation and potentially generate artificial asset bubbles that could cause further economic disruptions.
The Federal Reserve’s recent move has also generated increased criticism and action from other central banks and governments. We appreciate that such comments must be examined within the context of which they have been offered. However, any action taken by our nation or foreign nations that impairs U.S. trade relations at a time when we should be fighting global trade protection measures will only further harm the global economy and could delay recovery in the United States.
Perhaps most damaging, we believe that QE2 is giving the impression that the Federal Reserve will keep making new and different attempts to boost the short-term prospects for the economy. Our long-term growth depends on restoring confidence and certainty in our fiscal, regulatory, and trade policies — and not on government’s willingness to engage in additional stimulative measures. When asset prices increase due to anticipated Federal Reserve policy rather than economic fundamentals, it increases the potential for speculative action and erodes confidence in the economic outlook, making it more difficult to generate sustainable growth.
We hope you and the other Board Members will keep these concerns in mind as you review and discuss these issues in the coming months.
Sincerely,
Mitch McConnell
U.S. Senator
John Boehner
Member of Congress
Jon Kyl
U.S. Senator
Eric Cantor
Member of Congress
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They are just pissed because their real estate holdings are down.
The only way the Fed will be independent is if it is terminated. Why is it so difficult for these politicians to grasp this.
Because if they actually grasped this concept they'd actually have to, you know, do something about it. And we can't have that now, can we?
Confucious say men who make big stink in public, make no stink when camera turned off.
They are either trying to wreck the economy to make Obama look bad, or they are really stupid. The damage has been done...by them...already. Sadly it is QE or implosion. Bernanke appears to be printing much slower than required. So they should just shut up and pray.
The damage has been done by ALL of them, everyone in govt since 1913, we're supposed to believe none of them knew of the 'Federal Reserve' until Nov 2010?
Please.
The printing speed is irrelevant, theyre not trying to pull out of the dive they designed, their real purpose with QE infinity is to guarantee its all destroyed totaly.
Bernanke was chosen because as a 'great depression expert' simply because he was the top authority on how to most successfully destroy the USA this time.
I believe we should stop calling Bear-hankie "helicopter Ben" and start calling him "Kamakazie Ben" for he is crash-diveing the dollar into the U.S.S. Economy
What do you think? "Kamakazie Ben" kind of hits a chord and rings true, doesn't it?
Make Obama look bad?
Haha, good one.
I can't speak to the others but I can attest to the fact that Cantor is really stupid. Or drunk. It's hard to tell the difference with him sometimes.
OT:
Jim Cramer is now telling us how the "little guy" unfairly gets shut out of the GM IPO. Oh boy James is also telling us how successful the IPO will be. Who cannot wait to get their hands on a soon to be bankrupt company AGAIN.
He wants Retail to bail out his Buddies from what they have to take down from the Government. They want to unoad as soon as possible.
If you want to invest in a Government Controled Company why not buy AIG, FRE, FNM? They are doing just great.
If Cramhole is braying about how great the GM IPO will be, it will be a sure disaster.
Probably be the most spectacular pump and dump in history, I cant wait to see it.
That turd also said GM has a bright future.
Wow, Im impressed. More drama for us Sheeple. Wow, This Illusion is getting interesting
Epic puppet show. Who cares if the strings are visible. Just look at the acting.
Even Bubble Boy was more believable than this and that dosent say much
Actually, a good and short to the point letter. I only find the 2nd two sentences weak.
I'll take the other side of that trade. Considering the gravity of the situaion, the letter was entirely weak and ineffective.
Nobel Peace prize winner, to award the senile old man who benefited most from the government bailout of the banks, the Medal of Freedom.
Pretty sure Becky Quick will provide the post ceremony entertainment.
I hear she is jumping out of a cake shaped like a Choo-Choo wearing tassles.
yeah - she sho' doose have a serious crush on the old buzzard
Get someone else to take responsibility for policy, and then attack their handling of it. But don't attack them so much that you'll actually have to take back responsibility for policy.
Every politician in DC loves that the Fed is running the show on this recession, no matter what they proclaim in public.
Yes, and when unemployment goes down these guys will kiss Bernanke's ass and spin this letter into how they were actually supporting QE2 and we just misunderstood.
SonofBitch Harry, please don't junk everyone else here just because you're accumulating a ton of well-deserved junk. Thanks.
So Harry, when exactly is unemployment going to go down? When's your best guess to when the miracle move by the Fed that is QE2 will take unemployment below 9%?
Harry is dead-on.
Unemployment will drop below 9% next year. I promise :)
Yeah, everyone will be busy rioting and looting!
LMAO .... Pretty much.
As more and more people transition from U3 (reported) to U6 (non-reported) ... reported unemployment will go down ... pretty easy manipulation for the BS, er, BLS ...
And Bernanke hits delete on his e-mail.
Bernanke's minions probably penned the damn letter.
Would not doubt it.
MORE PROOF for my theory that the American Banking Association has declared WAR on The Bernank for thinking he could interfere with the core tenant of private cartel banking: "private interest for public debt".
You may not like QE2, but do you like Treasury buys better than toxic, private, bank asset-buys in unknown, private, unreported transactions?
They didn't send no letters for THAT!
Open your eyes to the real battle beneath the headlines...
The Bernak's pseudo-Lincoln Greenback move v. Bank Royalists gorging on public interest acquired by FASB-fraud, fiat assets.
The Fed answers to No One... If Ireland needs lots of $$$
and nobody will help , the Fed will give them $$$.
If California needs money or Bank of America ... the Fed will
fix the problem.. they need no Senate Approval ..
this in turn will raise taxes and the cost of living..
The Fed has a balance sheet ... don't think it is right..
they fudge all the numbers... the Pentigon should storm
the building and take over... Storm the White House too.
Boston Fed President Eric Rosengren says QE could create 700,000 jobs over 2 years... just in time for the elections.
http://news.yahoo.com/s/nm/20101117/bs_nm/us_usa_fed
700,000 new accountants to keep track of all the fake money printing?
That's $857K/job ...
29K/ jobs month ...
Otherwise known as "government efficiency" at work ...
civil war at the Fed.
Treasury-buy faction is hitting back in the press.
Free from political pressure?
Mitch McConnell asked President Bush to pull troops from Iraq just before the 2006 mid terms... seems the polls said it would help them keep more seats (it's in Bush's book)!
These guys are professional campaigners... and puppets of their masters (the money).
Anyone else disturbed that the GOP 'leadership' is exactly the same type of people that either:
a) Voted for TARP
b) Voted against the Fed audit
c) both
The only reason they are sending such letters, because all of a sudden it has become the popular thing to do. When Ron Paul was talking about the dangers of the Fed they shut him up and out. Now they are realizing that his warnings are coming to fruition and so while it's on everyone's mind they are pretending to be on the forefront of the issue. Yet they were all too complicit in letting it happen. Oh, both Senators voted for re-confirm Bernanke - did they not?
exactly. Tea will learn soon enough.
This is a group of ABA-funded, bank royalist, oligarch-representing, nuclear treaty-busting, Neocons...
They're not conservative whatsoever.
Yup - just a different group of whores; died their hair red instead of blonde
Another week of domestic equity mutual fund outflows. About 28 weeks in a row now I think.
http://www.ici.org/research/stats/flows/flows_11_17_10
How cute. The GOP being fiscally responsible. Keep repeating how you care for me and I'll believe you, I really will!
The Federal Reserve Bank is misleading. People actually think it's part of Govt. controlled by politicians. It's a private bank owned by private banks that don't give a shit about people other than bank-people. Can we just start calling it "Ben's Bank?" It used to be "Al's Bank!"
Just saying......
I sure hope Cantor's "Young Guns" and the Tea Baggers come to our rescue by imposing European-style austerity to snap us out of hyperinflation. Hyperinflation followed by austerity, where have I read that before? Oh right, Germany 1923-33. Get ready for armbands, kettle drums, and a guy with a little mustache; we're fucked.
I wonder if they asked Ron Paul to sign this letter too? What about Jim DeMint. Hmmmm. Seems like these idiots want to put up a facade.
I suspect RonPaul would refuse, seeing this letter overtly acknowledges and supports FederalReserve legitimacy. To put it bluntly, RonPaul does not consider the FederalReserve to be legitimate or intelligent for any number of reasons.
Furthermore, to say "the FederalReserve should be independent" is identical to saying "the FederalReserve should answer to no-one"... which is identical to saying "the FederalReserve owns everyone and everything on earth".
Lip service. That is all.
McConnell (insane bourbon drinker or sly as a Fox ?) has already stated that his intention in this world is to get Obama out. So, he declared has effectively declared that the next two years will be a Madhouse in Washington ^10. As the country spins out of control, we'll now have if we are to be led to believe after an insane 8-year spending bender, a sane consortium of fiscally conservative leaders who will lead this country back to high ground. They can get us back to the wonder years of 2003-2007. They can meet each other at airport stalls..
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