Yesterday, Senator Chuck Schumer (D-NY) urged Federal Reserve Chairman Ben Bernanke to start quantitative easing or similar measures before November. Then, incredibly, he ordered, “Despite two false starts, we’re having a much rougher time than we ever imagined getting unemployment down. So get to work, Mr. Chairman.” He reasoned that Bernanke should act because Congress refuses to: “Maybe after November we will.”
Yeah, that’s right. Pass the buck to Bernanke because Barack Obama sure ain’t gonna cut government spending or cut taxes, so all that’s left is to order the Fed to print more money. And before November, just in time for Obama’s re-election. If Bernanke had a magic stimulus under his bed, he should have whipped it out four years ago for the good of the country. Now, it’s just obvious that he’ll be inflating the economy for political reasons.
Sen. Jim DeMint (R-SC) warned against the plan, saying, “If we’re printing more money to buy more of our national debt, we are diluting the value of our dollar over time.”Continue reading →