So Bernanke and the Fed trying to do something constructive for the economy (to help businesses and consumers “refi” at lower rates while they can last) with whatever few tools left in the Fed’s disposal is called wrong because “it leaves U.S. policymakers off the hook and takes their focus further away from the free-market reforms within their control to make”?
That’s a twisted “cause and effect” logic. Somebody is trying to take the focus off the politicians and push it onto Bernanke and the Fed, but it’s not Bernanke himself who is doing it. Fed’s monetary policy doesn’t usually take the focus off the politicians... it’s the politicians, the “leaders” and people who follow them who made Bernanke, the Fed and QE2 the focus of scorn, to divert attention from their accountability and culpability in the mortgage fiasco and consequent financial meltdown.
If some political “leaders” stopped following Barney Frank’s finger pointing at the direction of the next scapegoat in the making (currently the Fed and Bernanke) and instead kept focusing on the root causes of the Great Recession and incessant government spending, there would not be a focus on the Fed and monetary policy by hoi polloi, who suddenly became “experts” in monetary policy.
It’s a neat trick by politicians to take the people’s attention and focus off of them by finding the latest bogeyman in Bernanke, but why do conservatives and Republicans think it is a good idea to join then and start attacking their natural ally, especially with phony arguments? The “populist” knee-jerk reflex, spurred by Ron Paul and blogs like ZeroHedge, BusinessInsider, MarketInsider etc.?
Having to defend later the wrong actions and statements based on getting the facts and causes and efects wrong and sticking with them in the face of facts being wrong is not a way to educating the people (especially non-ideologs “independents) and is not a winning formula for 2012.
See:
http://www.freerepublic.com/focus/news/2629966/posts?page=23#23 - Bernanke: stop calling it QE! - FR, 2010 November 19
http://www.freerepublic.com/focus/news/2629966/posts?page=33#33 - Bernanke: stop calling it QE! - FR, 2010 November 19
http://www.freerepublic.com/focus/news/2628909/posts?page=4#4 - 10 Reasons You Should Not Waste Your Money On Film ‘Inside Job’ - FR, 2010 November 17
http://www.freerepublic.com/focus/news/2628017/posts?page=20#20 - Weaker Dollar Seen as Unlikely to Cure Joblessness - FR, 2010 November 16
http://www.freerepublic.com/focus/news/2626029/posts?page=32#32 - Bernanke’s relationship with GOP deteriorating over Fed decisions - FR, 2010 November 12
http://www.freerepublic.com/focus/news/2626029/posts?page=24#24 - Bernanke’s relationship with GOP deteriorating over Fed decisions - FR, 2010 November 12
http://www.freerepublic.com/focus/news/2624051/posts?page=22#22 - Fed Policy: Another Wealth Transfer to Wall Street - FR, 2010 November 10
Should not we start getting our attention back from Bernanke and the Fed, and start focusing like a “laser beam” on telling and explaining to people a simple story of GSEs and public-private enterprises and the political “fat cats” who enrich themselves and their friends that run them and the dangers of “political solutions” to non-problems (like “climate change”) and the Congress and Administrations who spend and borrow their citizens’ money “into prosperity”?
Another one:
http://www.freerepublic.com/focus/news/2623223/posts?page=139#139 - Palin to Bernanke: ‘Cease and Desist’ - 2010 November 09
What the Fed is doing is allowing those politicians to continue their spending while at the same time filling up the coffers of it’s member banks balance sheets. The Banks are parking the money he prints and earning interest on it not lending it out. So Bernanke is not helping the economy one bit!
He is helping the Banks that own the Fed and allowing the liberals to continue their spending in the meantime the feds policy’s are hurting Americans with inflation, hurting seniors who saved money.
Speaking of those GSE’s who do you think dumped all the toxic mortgages in them the Banks the same Banks who donated to Obama and funded Acorn.
Bank of America is ACORN ‘Partner’ and Major Funder
http://nlpc.org/stories/2009/09/21/bank-america-acorn-%E2%80%98partner%E2%80%99-and-major-funder
Bailed Out Citigroup Won’t Rule Out Giving More Money to ACORN
http://www.cnsnews.com/news/article/59443
JPMorgan Chase Asked to Stop Funding ACORN
http://nlpc.org/stories/2009/09/15/jpmorgan-chase-asked-stop-funding-acorn
Barack’s Wall Street Problem is Now America’s
http://www.noquarterusa.net/blog/2008/09/21/baracks-wall-street-problem-is-now-americas/
JPMorgan CEO Jamie Dimon Donates Serious Cash to Democrats .
http://www.opensecrets.org/news/2009/07/jpmorgan-ceo-jamie-dimon-donat.html
Wall Street Is Big Donor to Inauguration - WSJ.com
http://online.wsj.com/article/SB123146096981566339.html
To quote another freeper...
It’s interesting how many forget that the Fed is right out of Marx’s Manifesto:
“The proletariat will use its political supremacy to wrest, by degree, all capital from the bourgeoisie, to centralize all instruments of production in the hands of the state, i.e., of the proletariat organized as the ruling class; and to increase the total productive forces as rapidly as possible.
Of course, in the beginning, this cannot be effected except by means of despotic inroads on the rights of property, and on the conditions of bourgeois production; by means of measures, therefore, which appear economically insufficient and untenable, but which, in the course of the movement, outstrip themselves, necessitate further inroads upon the old social order, and are unavoidable as a means of entirely revolutionizing the mode of production. ... “
Measure No 5 of 10 to achieve the above in advanced nations =
“5. Centralization of credit in the banks of the state, by means of a national bank with state capital and an exclusive monopoly.”
http://www.marxists.org/archive/marx/works/download/pdf/Manifesto.pdf
Small Business Can’t Get Loans From Bailed-Out Banks