Posted on 11/19/2010 5:14:39 PM PST by Starman417
The "new" spin from the White House is fresh off the presses. Of course it's nothing new, just the same ole same ole "Republicans are evil" crapola. And speaking of crapola, here is Krugman and the spin:
What do the government of China, the government of Germany and the Republican Party have in common? They’re all trying to bully the Federal Reserve into calling off its efforts to create jobs. And the motives of all three are highly suspect.~~~So what’s really motivating the G.O.P. attack on the Fed? Mr. Bernanke and his colleagues were clearly caught by surprise, but the budget expert Stan Collender predicted it all. Back in August, he warned Mr. Bernanke that “with Republican policy makers seeing economic hardship as the path to election glory,” they would be “opposed to any actions taken by the Federal Reserve that would make the economy better.” In short, their real fear is not that Fed actions will be harmful, it is that they might succeed.
~~~No doubt some of Mr. Bernanke’s critics are motivated by sincere intellectual conviction, but the core reason for the attack on the Fed is self-interest, pure and simple. China and Germany want America to stay uncompetitive; Republicans want the economy to stay weak as long as there’s a Democrat in the White House.
Hilarious. Republicans aren't upset that the fed is printing money out of thin air. No. What the evvvvviiiiiillllll Republicans want is to keep everyone out of work, to keep the economy in shambles. Never mind the fact that Republicans everywhere are calling for the extension of the Bush tax cuts. Never mind the fact that the Republicans understand that a tax increase during this economic crisis will just exacerbate the situation and they want to fix it.
Krugman makes the case that a weaker dollar will boost exports since our goods will be cheaper and this will reduce the deficit. Ok. But does he really believe the rest of the world won't respond in kind and as Palin noted, create "the kind of currency wars economists are warning us about."
Peter Schiff last week on the defense of QE2:
On July 24, 2009, just as the Federal Reserve unleashed its first quantitative easing campaign (now called “QE1” – an echo of the reclassification of the Great War after still more destructive subsequent developments), Fed Chairman Ben Bernanke wrote an opinion piece in the Wall Street Journal to soothe growing concerns about excess liquidity. He assured the public that the Fed had an “exit strategy.”In a response entitled “No Exit for Ben”, I called the Chairman’s bluff. I argued that the Fed had no exit strategy, and that Bernanke was trying to fool the market into believing that quantitative easing was not debt monetization.
Just 16 months later, Bernanke is at it again, penning another op-ed to defend his second round of QE. Except this time, instead of feigning an exit strategy, he just outlines a path to expand the program in perpetuity.
In recent months, Fed economists have taken great pains to tell us how much better off the economy is now than it was in the first half of 2009. Given this supposed good news, what prompted the current turnaround in policy? Could it be, perhaps, that perpetual easing was the policy all along?
(Excerpt) Read more at floppingaces.net...
I just love it, Republicans are at fault for everything.
So why don’t the donks just tell the companies run by donks to hire more people, just borrow more money to make payroll for all jobs that Americans need?
If they did that, Americans would of just voted in a lot more donks and there would be no Republicans ever again.
OMG - it’s a vast right wing conspiracy!
They are really that stupid.
First thing you do when you find yourself in a hole is to stop digging.
Making money out of thin air won’t make our exports cheaper. We don’t live in a vacuum.
QE for dummies
http://www.youtube.com/watch?v=PTUY16CkS-k
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