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Ryan's Fed policy views well outside mainstream
Yahoo! ^ | 8/19/12 | Pedro Nicolaci da Costa Reuters

Posted on 08/19/2012 11:05:21 AM PDT by mdittmar

WASHINGTON (Reuters) - Paul Ryan doesn't quite want to end the Fed. But if Mitt Romney's pick for vice president had his way, he might curb the central bank's powers enough to make it harder for policymakers to respond aggressively to economic downturns.

The Wisconsin Republican has supported controversial legislation that would strip the U.S. Federal Reserve of its mission to seek maximum employment, and has been a harsh critic of the central bank's continued loose monetary policy.

Further, he has hinted at sympathy for the days when the U.S. dollar was tied to gold, a regime that constrained the Fed from printing dollars to help the economy.

Romney's choice of Ryan suggests the campaign could step up attacks on the Fed if the central bank moves to ease monetary policy further as many economists expect, and that a Romney White House might want to restrict the institution's powers.

In a detailed speech on monetary policy in December 2010, Ryan hardly minced words in his criticism of the Fed.

"There is nothing more insidious that a government can do to its countrymen than to debase its currency - yet this is in fact what is occurring," Ryan said at an event sponsored by FreedomWorks, a right-wing think tank originally called Empower America, where Ryan worked as a speech writer in the 1990s.

Such strongly worded criticism is viewed by some analysts as a challenge to the Fed's independence, an effort to dissuade the central bank from taking the type of unconventional and aggressive actions it has pursued under Chairman Ben Bernanke.

Ryan's perspective on the Fed is in keeping with the free-market,limited-government stance

(Excerpt) Read more at news.yahoo.com ...


TOPICS: Business/Economy; Constitution/Conservatism; News/Current Events
KEYWORDS: auditthefed; federalreserve; monetarypolicy; thefed

1 posted on 08/19/2012 11:05:25 AM PDT by mdittmar
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To: mdittmar

Yeah? Good!


2 posted on 08/19/2012 11:09:04 AM PDT by ozzymandus
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To: mdittmar

Sounds good to me, and should draw in all those wily Ron Paul supporters, if they were able to think through this election rationally.


3 posted on 08/19/2012 11:09:24 AM PDT by ilgipper
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To: mdittmar

That fact that Ryan makes all the right Fascist wanna be’s hysteric is a selling point in his favor.


4 posted on 08/19/2012 11:10:43 AM PDT by MNJohnnie (Giving more money to DC to fix the Debt is like giving free drugs to addicts think it will cure them)
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To: mdittmar
he might curb the central bank's powers enough to make it harder for policymakers to respond aggressively to economic downturns.

I ran that phrase through the Universal Translator. It properly linked Liberal Code and translated accordingly: "payola for my liberal buddies."

5 posted on 08/19/2012 11:11:28 AM PDT by freedumb2003 (obozo could bring back literal slavery with chains and still he will get 85+% of the black vote)
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To: ozzymandus

Yeah, this just makes me like him more.


6 posted on 08/19/2012 11:12:00 AM PDT by drbuzzard (All animals are created equal, but some are more equal than others.)
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To: mdittmar

Rooters and Yahoo. Now there’s a hard left combo for ya.


7 posted on 08/19/2012 11:13:47 AM PDT by Starboard
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To: mdittmar

I hoping that Romney will name Richard fisher Fed chairman


8 posted on 08/19/2012 11:14:15 AM PDT by Perdogg (It's time to come together for America)
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To: mdittmar

Yahoo! Nuz citing Reuters. RMFE.


9 posted on 08/19/2012 11:18:31 AM PDT by martin_fierro (< |:)~)
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To: MNJohnnie
Where is that beautiful mainstream I keep hearing about? Is it a navigable waterway subject to Federal control? Does the EPA keep alive the dear little snail darters in it? Is it too toxic to drink from?

Perhaps it is changing its course and one day its waters will again become palatable. There seem to be at least a few signs of that.

10 posted on 08/19/2012 11:18:33 AM PDT by DanMiller (Dan Miller)
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To: Starboard
Rooters and Yahoo. Now there’s a hard left combo for ya.

Let me help Rooters and Yahoo out,since I'm not a policy wonk.

STOP SPENDING,STOP SPENDING,STOP SPENDING!!!

11 posted on 08/19/2012 11:19:02 AM PDT by mdittmar
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To: mdittmar

Right on dual mandate. Outdated. Wrong on monetary policy. We are in the middle of massive asset deflation and liquidity needs to be provided. Look what happened in the Great Depression when we tightened.


12 posted on 08/19/2012 11:19:58 AM PDT by Wyatt's Torch (I can explain it to you. I can't understand it for you.)
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To: mdittmar

Wow! Now it’s politically incorrect, according to Yahoo-Reuters, to be opposed to Keynesian economics!


13 posted on 08/19/2012 11:20:56 AM PDT by Bernard Marx
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To: Perdogg

I hoping that Romney will name Richard fisher Fed chairman


Either that, or Peter Schiff! LOL


14 posted on 08/19/2012 11:25:21 AM PDT by Starboard
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To: mdittmar

Oh please. Who in the mainstream understands anything about our cartel deceptively referred to as the fed?


15 posted on 08/19/2012 11:32:44 AM PDT by andyk (Go Juan Pablo!)
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To: mdittmar
... And Obama's Marxist views are "within" the mainstream?


16 posted on 08/19/2012 11:39:06 AM PDT by avacado
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To: mdittmar
Paul Ryan doesn't quite want to end the Fed. But if Mitt Romney's pick for vice president had his way, he might curb the central bank's powers enough to make it harder for policymakers to respond aggressively to economic downturns

Sure...like they have been doing for the last three years? BULLSHIT!!

17 posted on 08/19/2012 11:41:50 AM PDT by GoldenPup (Comrade "O" has got to GO!!)
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To: Wyatt's Torch; All

Oh, well, at least our balance of trade has been improving.


18 posted on 08/19/2012 11:48:01 AM PDT by gleeaikin
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To: mdittmar

Well outside “mainstream” what?


19 posted on 08/19/2012 11:48:43 AM PDT by BenLurkin (This is not a statement of fact. It is either opinion or satire; or both)
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To: mdittmar

I know the author of this article intended it to be a “hit piece” on Ryan, but it only makes me like him more. If wanting to control spending and eliminate/reign in the Federal Reserve is wrong, I don’t wanna be right.


20 posted on 08/19/2012 12:30:13 PM PDT by 3Fingas (Sons and Daughters of Freedom, Committee of Correspondence)
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To: 3Fingas

Are there any American journalists left or have we imported them all?


21 posted on 08/19/2012 12:39:14 PM PDT by sgtyork (The secret of happiness is freedom, and the secret of freedom, courage. Thucydides)
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To: 3Fingas

They don’t even try to feign objectivity anymore.


22 posted on 08/19/2012 12:58:08 PM PDT by Walrus (Restoring America starts today! Let's roll!)
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To: All; mdittmar
The Wisconsin Republican has supported controversial legislation that would strip the U.S. Federal Reserve of its mission to seek maximum employment, and has been a harsh critic of the central bank's continued loose monetary policy.

This quote isn't entirely accurate. Since 1977, the Fed has had a dual mandate:

"The Board of Governors of the Federal Reserve System and the Federal Open Market Committee shall maintain long run growth of the monetary and credit aggregates commensurate with the economy's long run potential to increase production, so as to promote effectively the goals of maximum employment, stable prices and moderate long-term interest rates."

Some, like Newt, disagree with the dual mandate and believe the two goals are often in conflict.

23 posted on 08/19/2012 1:48:38 PM PDT by newzjunkey (Election night is 78 days away.)
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To: mdittmar
In my humble opinion, a HUGE reason why the US is in economic trouble is the fact our complex income tax laws discourage savings and investment in the USA, encourages way too much debt, and encourages legal "offshoring" of jobs, factories, corporate headquarters and liquid assets as a means of tax avoidance.

This is why I think if Romney wins, one thing that we'll likely see is a complete re-assessment of the entire income tax code and see how far we can alter it (e.g., lower the rate in exchange for less tax loopholes). I'd like to see Romney/Ryan adopt the Steve Forbes no-loophole flat tax proposal, one that would have spectacularly positive effects on the US economy both from cutting yearly tax compliance costs 75% and by tremendously encouraging savings and investment in the USA since the Forbes flat tax eliminates including bank account interest, capital gains and stock dividends from earned income.

24 posted on 08/19/2012 2:32:02 PM PDT by RayChuang88 (FairTax: America's economic cure)
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To: Walrus

I don’t think we’ve had many objective journalists since the 1950s or 60s. All journalistas since then have been outright propagandists for, or fellow-travelers of, the CPUSA or the Democratic Party (which, strangely enough, at times, seem indistinguishable from one another).


25 posted on 08/19/2012 2:44:31 PM PDT by 3Fingas (Sons and Daughters of Freedom, Committee of Correspondence)
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To: RayChuang88
(e.g., lower the rate in exchange for less tax loopholes).

Sounds great, but I don't trust them. Once they eliminate the loopholes, what's to stop them from raising the rates again?

26 posted on 08/19/2012 2:47:01 PM PDT by JoeFromSidney ( New book: RESISTANCE TO TYRANNY. Buy from Amazon.)
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To: drbuzzard

I find the “mainstream” pretty unimpressive as of late!


27 posted on 08/19/2012 9:56:59 PM PDT by Bshaw (A nefarious deceit is upon us all!)
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