A stand-alone newsbite of a FT op-ed:
Mitt Romney...duly opened fire on Friday after the Fed began an open-ended third round of quantitative easing (QE3), under which it will buy $40bn of mortgage-backed securities a month.
I ONLY WISH MORE REPUBLICANS JOINED ROMNEY IN THIS! WHERE THE F%&K IS BOEHNER?! WHERE THE F&%K IS MCCONNELL?!
In some of the most aggressive comments he has made on the Fed, Romney said QE3 was nothing but a “sugar high”, and would fail to get the economy moving.
AND... HE'S... RIGHT...!!!
“Recognize that, as the Federal Reserve keeps on trying to stimulate the economy by printing more money, that there’s a cost to that,” said Romney in remarks at a fundraiser. “The value of your savings goes down. People who are living on fixed incomes don’t see much interest income any more. And the value of the dollar goes down, and the risk for long-term inflation goes up.”
The criticism places the central bank in an uncomfortable position because it is all coming from one direction. Democrats are delighted by the move; Republicans are on the attack.
YEP. A PRETTY CLEAR CHOICE.
FOLKS... UNDERSTAND... WHEN IT COMES TO DOLLAR POLICY OBAMA HAS FAR MORE IN COMMON WITH GEORGE W. BUSH THAN WITH ROMNEY. SO WHAT DO YOU WANT... THE BUSH/OBAMA MONTETARY POLICY OF STAGFLATION OR ROMNEY - WHO SEEMS TO UNDERSTAND WHAT REAGAN AND VOLCKER UNDERSTOOD?
“What Romney is saying to the Fed is, ‘This is not your job’,” said Phillip Swagel, a professor at the University of Maryland School of Public Policy and a former economist for the George W. Bush administration. “QE3 will have a very modest impact on the economy . . . and if anything it stands in the way of fiscal policy.”
YES! THIS SWAGEL HAS IT RIGHT! (I WONDER IF HE WAS A CONTRARIAN VOICE WITHIN THE BUSH ADMINISTRATION?)
FOLKS... BERNANKE HAS DONE FAR MORE DAMAGE TO THE U.S. ECONOMY AND THE AMERICAN PEOPLE AS A WHOLE THAN ANY FOREIGN ENEMY COULD HOPE TO ACCOMPLISH PEACEFULLY. YOU NEED TO UNDERSTAND THIS! YOU NEED TO UNDERSTAND THAT $4 GAS IS A RESULT OF FED POLICIES... OF BUSH/OBAMA POLICIES.
The most visible effort to clip the Fed’s wings is a bill introduced in the House of Representatives by Kevin Brady, a Republican from Texas, who is vice-chair of the Joint Economic Committee of Congress. His bill would limit the central bank’s mandate to inflation, not employment, and restrict its monetary policy operations to short-term Treasury securities.
GOD BLESS KEVIN BRADY!
(BUT GOD DAMN JOHN BOEHNER; THIS SHOULD BE HIS BILL!)
Were his bill now law, Brady told the Financial Times, “the Fed would not be able to embark on this third round of quantitative easing”. He said the bill had taken off faster than he had hoped and already had 48 co-sponsors in Congress. “Everyone, whether they agree or not, believes it is the right time to have this discussion.”
FORTY-EIGHT SPONSORS... IN A HOUSE OF 435 MEMBERS (PLUS SIX NON-VOTING MEMBERS) - 242 OF WHICH ARE REPUBLICANS...
HEY... AGAIN, THOUGH... AT LEAST THERE'S A GROUP OF REPUBLICANS WHO WANT TO DO THE RIGHT THING! I DOUBT ONE DEMOCRAT HAS SIGNED UP TO CO-SPONSOR BRADY'S BILL.