Palin to Bernanke: ‘Cease and Desist’

NRO ^ | November 7, 2010 | Robert Costa

[Al B.]

As President Obama prepares for the G20 summit in South Korea this week, Sarah Palin is challenging the Federal Reserve’s monetary policy, which will likely be a key issue at the talks. On Monday, in a keynote address at a trade-association convention in Phoenix, Palin will urge Fed chairman Ben Bernanke to “cease and desist” his “pump priming.” The United States, she says, “shouldn’t be playing around with inflation.”

I’m deeply concerned about the Federal Reserve’s plans to buy up anywhere from $600 billion to as much as $1 trillion of government securities. The technical term for it is “quantitative easing.” It means our government is pumping money into the banking system by buying up treasury bonds. And where, you may ask, are we getting the money to pay for all this? We’re printing it out of thin air.

The Fed hopes doing this may buy us a little temporary economic growth by supplying banks with extra cash which they could then lend out to businesses. But it’s far from certain this will even work. After all, the problem isn’t that banks don’t have enough cash on hand – it’s that they don’t want to lend it out, because they don’t trust the current economic climate.

And if it doesn’t work, what do we do then? Print even more money? What’s the end game here? Where will all this money printing on an unprecedented scale take us? Do we have any guarantees that QE2 won’t be followed by QE3, 4, and 5, until eventually – inevitably – no one will want to buy our debt anymore? What happens if the Fed becomes not just the buyer of last resort, but the buyer of only resort?

All this pump priming will come at a serious price.

[expat_panama]

"...you sure you know what you’re talking about?"

OK smart guy, you're not confirming this yourself by looking up the money supply stats because...

[delapaz]

“I don’t know if Sarah reads them she just might be far more intelligent and realize these things all on her own. Either way I am impressed by her knowledge I wish more conservatives would join her on this issue.”

I mean that as no disrespect. Economics is a voodoo science and I started out assuming Greenspan et. al. knew what they were doing. This latest recession and housing bust has educated me out of that notion. Since then I’ve tried to educate myself about basic economic theory and the more I learn the more freaked out I get.

Most conservatives in the 90’s I’m sure started out the same way, as believers of Greenspan/Bernanke and the wise elders of the Fed. But some of us are no longer.

Glad to see Sarah might be one of us. It’s a good sign.

[musicman]

Even George Would Be Shocked
To Find Some FReepers
Haven't Donated To FR Yet!
Every Dollar Helps!!
Click Here To Donate!!

[delapaz]

You’re the one making the assertion that QE1 was reversed out. Show me the chart that proves or underlines the assertion, then we can talk.

[Clyde5445]

Hey Rover you want Gravitas we’ll give you Gravitas.

[onyx]

Yeah, isn’t that about the most idiotic suggestion for HER FUTURE we hear?

I mean other than replacing Oprah.

[GregB]

Go Sarah Go!!!

[delapaz]

http://research.stlouisfed.org/fred2/graph/?s%5B1%5D%5Bid%5D=AMBNS

I see it going up... I don’t see it coming down.

Point to Denninger, point against expat_panama. And FWIW, I’d like Denninger to be wrong, I have kids.

[Clyde5445]

It looks like a direct shoot at the DC elites.

Another thing where are all the pretenders on this issue.

[9YearLurker]

Then Paul Ryan made the same mistake today. Oh, and Paul Volker earlier this week, too.

[hosepipe]

Wondering if Bernanke can be indited for financial espionage.. or treason or sedition.. or ALL THREE.?..

[Bigtigermike]

This isn't the first time Sarah talked about the role of the Federal Reserve last year.......Sarah Palin, Hong Kong, CLSA Asia Pacific Markets Conference, Sept. 23, 2009 Speech Excerpts

On the Federal Reserve:

"How can we discuss reform without addressing the government policies at the root of the problems? The root of the collapse? And how can we think that setting up the Fed as the monitor of systemic risk in the financial sector will result in meaningful reform? The words “fox” and “hen house” come to mind. The Fed’s decisions helped create the bubble. Look at the root cause of most asset bubbles, and you’ll see the Fed somewhere in the background."

[SunkenCiv]

thanks netmilsmom.

KUHNER: The Soros empire
The Washington Times | October 28, 2010 | Jeffrey T. Kuhner
Posted on 10/29/2010 8:35:43 AM PDT by opentalk
http://www.freerepublic.com/focus/news/2617070/posts

[delapaz]

good recall.

[McGruff]

Love the Aw Jeez photo. I'm bettin your gonna need that alot before this regime is toppled.

[jonrick46]

This is the result of the Progressives rewriting history in the big ivy league schools. If they would have learned from the correct history it would have told the Bernankes in the Obama Regime that pump priming only prolonged FDR's efforts to end the Great Depression. It was that effort that puts FDR on my list as our nation's worst president.

The Progressives only give FDR sainthood because he initiated Social Security which is the formula by which socialism is institutionalized in America.

[9YearLurker]

She’d get a boost if there’s just enough of a Ron Paul streak in her to attract his supporters (but not enough to repel everyone else).

[onyx]

LOL. Yeah, but I have a counter photo, too.
I got that one from musicman!

[Presbyterian Reporter]

Let us not single out Bernanke as the problem. Congress and the President are in bed with the Fed.

It was not that long ago that Presidents and Congress were patting themselves on the back for getting people to buy houses and borrowing money to the max.

The Fed simply implements the Executive and Legislative Branch’s directives.

We need to put all three orgs on trial.

[Bigtigermike]

Palin told judge Napolitano on freedom watch in August that she has an healthy libertarian streak