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House GOP budget chief calls Fed’s $600B plan a 'big mistake'
The Hill ^ | 11/7/10 | Alexander Bolton

Posted on 11/07/2010 2:04:12 PM PST by FTJM

Paul Ryan, the incoming chairman of the House Budget Committee, has called the Federal Reserve’s plan to pump $600 billion into the economy a “big mistake.”

Fed Chairman Ben Bernanke moved Wednesday to pour $600 billion into the banking system in an effort to speed up what the Fed has called a “disappointingly slow” national economic recovery.

Ryan, a Republican from Wisconsin, panned the decision during an interview on "Fox News Sunday." He is the ranking Republican on the House Budget Committee and will take over as chairman in January.

“It’s a big mistake, in my opinion,” he said. “Look, we have Congress doing tax and spend, borrow and spend. Now we have the Federal Reserve doing print and spend.”

(Excerpt) Read more at thehill.com ...


TOPICS: News/Current Events; Politics/Elections
KEYWORDS: house; ryan

1 posted on 11/07/2010 2:04:16 PM PST by FTJM
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To: FTJM

true. Just got back today from grocery shopping...sticker shock.


2 posted on 11/07/2010 2:07:03 PM PST by screaminsunshine (the way to win this game is not to play)
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Jim wrote,

Woo hoo!! Closing in on the finish line!! Less than $2,100 to go!!


Let's git er done!!


If you enjoy reading or posting to FR and haven't donated yet, please consider doing so today!

3 posted on 11/07/2010 2:07:19 PM PST by onyx (If you truly support Sarah Palin and want on her busy ping list, let me know!)
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To: FTJM
a big mistake

he's absolutely right. the money should at least be a different color. A nice shade fuscia, say.

That would make a big difference.

4 posted on 11/07/2010 2:07:34 PM PST by the invisib1e hand (every bad idea once seemed good to someone.)
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To: FTJM

OK...we know that. Now......put a stop to it. Take over the Fed and do it now.


5 posted on 11/07/2010 2:11:19 PM PST by RC2
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To: RC2

Exactly. Let’s eliminate the Fed’s hold on our economic system.


6 posted on 11/07/2010 2:26:31 PM PST by datura (Democrat=Communist)
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To: FTJM

“Unless we demonstrate a strong commitment to fiscal sustainability in the longer term, we will have neither financial stability nor healthy economic growth,” Bernanke said in testimony to lawmakers today. “Maintaining the confidence of the financial markets requires that we, as a nation, begin planning now for the restoration of fiscal balance.” He said the Fed won’t finance government spending over the long term, while warning that the financial industry remains under stress and the credit crunch continues to limit spending. “Either cuts in spending or increases in taxes will be necessary to stabilize the fiscal situation,” Bernanke said in response to a question. “The Federal Reserve will not monetize the debt.” - Ben Bernanke 6/3/9

Quantitatively ease Barnanke and his plunderers into a jail cell. Eliminate the FED. Eliminate all anti-freedom collectives plunging us, our kids, our grandkids into mandated debt slavery.


7 posted on 11/07/2010 2:35:37 PM PST by PGalt
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To: datura

Republicans in the House need to jump on this and fast. I don’t know how the Fed got this much control but it is the job of Congress to protect the people of this country. What better way than to cut the contol of the people and their money.


8 posted on 11/07/2010 2:36:11 PM PST by RC2
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To: FTJM

Meanwhile, the Fed is enjoying a weekend at Jekyll Island praising themselves for the great job they have done in the past 100 years.

http://www.frbatlanta.org/news/conferences/10jekyll_agenda2.cfm


9 posted on 11/07/2010 2:37:21 PM PST by Presbyterian Reporter
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