Posted on 02/10/2011 12:43:21 PM PST by FromLori
Facing off against some of his toughest critics on Capitol Hill Wednesday, Federal Reserve Chairman Ben Bernanke told lawmakers they need a "credible program" to reduce the nation's growing deficit.
"Even after economic and financial conditions return to normal, the federal budget will remain on an unsustainable path... unless the Congress enacts significant changes in fiscal programs," Bernanke told the House Budget Committee.
In his first appearance before the new Republican-controlled House Wednesday morning, Bernanke addressed questions about the state of the economy and fiscal and monetary policy.
Paul Ryan, a Republican from Wisconsin who heads the committee, has been a vocal opponent of the Fed's recent stimulus policy, which pumps $600 billion into the economy through purchases of long-term Treasuries.
He said he fears the policy, known as quantitative easing, will cause inflation to accelerate rapidly, forming asset bubbles and crushing the dollar.
"There is nothing more insidious that a country can do to its citizens than debase its currency," Ryan said.
(Excerpt) Read more at money.cnn.com ...
Who needs deficit reduction when the Fed will simply print more money on their own?
I think the big fear is that the economy will NOT grow, and inflation will rise rapidly. What's the plan then, numbnuts?
Ben Bernanke: “Thanks for voting for my bailout, Representative Ryan.”
bernanke should be hanging upside down from a lampost-when the masses figure out what he has done maybe he will assume the position he so deserves.
I would like to see that :).
Is that Paul “I Support Tarp” Ryan, the man that plunged his budget cutting knife to the bone with a 32 billion dollar cut yesterday.
-Snicker-
Who do they think they’re fooling with this little skit? Themselves? Maybe it’s a drama queen thing? A cry for attention?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.