Opposition to the idea from five regional Federal Reserve bank presidents succeeded in trimming down Bernanke’s plans for $1 trillion in stimulus to $600 billion, he said, and could end up blocking some of those bond purchases if there are signs of inflation.Would have been nice to have those FOMC appointments sooner, Obama administration...
“Bernanke’s facing a lot of opposition [on the Fed board] that is not ... evident in public,” he said.
The Republican Party has wasted no time in "working the refs" so-to-speak. Where are Democrats? Where is the CEA? Are they all just going to sit back under the assumption that monetary policy shouldn't be politicized, while Republicans politicize it?
Senator Ernest Gruening once told my dad that he thought that Hubert Humphrey wanted to please people too much.
ReplyDeleteNext to Obama, Humphrey was a piranha.
When this is juxtaposed with the need of the Obama administration to be the only organization out there capable of messaging, it means that Obama won't go negative, and the 3rd party allies have been neutered by Obama.
I am so hoping for a viable primary challenge in 2012.
So let's see if I've got this straight. We are injecting close to 2 trillion dollars into the money supply. That in turn will devalue the dollar by an estimated 20% according to many economists. As such, it will cost at least 20% more to do business. And this idiot says it will lead to job creation? What am I missing here?
ReplyDeleteGotta give him credit though. he mimics the Moron in Chief quite well. When in doubt, blame someone else. As he's finding that George as the whipping boy is wearing thin, he gets a new boogey man. Welcome to the club China!
I visited your blog for the first time and just been your fan. Keep posting as I am gonna come to read it everyday.
ReplyDelete@Joetote- Just saw your post. No, you haven't got it straight. The Fed injected close to $2 trillion in 2008. It's 2010. What we've had in the two years in between is a disinflation flirting with deflation, not the 20% devaluation you expected. Reason is we have low demand, 10% unemployment, and we're caught in a liquidity trap, in which debt-deflation dynamics are the chief problem.
ReplyDeleteSince the end of 2008, the Fed has more or less done nothing. That printing of vast quantities of money is what you've imagined, not what's actually happened. QE2 will add $600 billion over six months, and might be equivalent to a .25% interest rate cut in normal times...
Regards, -T.V.
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