Posted on 09/20/2011 10:14:11 PM PDT by blam
Republican Leaders Warn Bernanke Against QE3
Zeke Miller
Sep. 20, 2011, 7:13 PM |
Top Republican lawmakers in both chambers of Congress warned Federal Reserve Chairman Ben Bernanke against pursuing another round of quantitative easing after tomorrow's meeting of the Federal Open Market Committee.
Questioning the efficacy of the first two rounds of monetary easing, Speaker of the House John Boehner (R-OH), Senate Majority Leader Mitch McConnell (R-KY), House Majority Leader Eric Cantor (R-VA) and Senate Minority Whip Jon Kyl (R-AZ) said they are concerned another round of QE could "exacerbate current problems or further harm the U.S. economy."
Here's the full letter:
Dear Chairman Bernanke,
It is our understanding that the Board Members of the Federal Reserve will meet later this week to consider additional monetary stimulus proposals. We write to express our reservations about any such measures. Respectfully, we submit that the board should resist further extraordinary intervention in the U.S. economy, particularly without a clear articulation of the goals of such a policy, direction for success, ample data proving a case for economic action and quantifiable benefits to the American people.
It is not clear that the recent round of quantitative easing undertaken by the Federal Reserve has facilitated economic growth or reduced the unemployment rate. To the contrary, there has been significant concern expressed by Federal Reserve Board Members, academics, business leaders, Members of Congress and the public. Although the goal of quantitative easing was, in part, to stabilize the price level against deflationary fears, the Federal Reserve’s actions have likely led to more fluctuations and uncertainty in our already weak economy.
We have serious concerns that further intervention by the Federal Reserve could exacerbate current problems or further harm the U.S. economy.
(snip)
(Excerpt) Read more at businessinsider.com ...
I agree with Perry: this POS should be tried for treason for this destructive use of OUR money!
Hey Bernake...your Dear Leader is imploding.
You might want to rethink your B.S. QE3!
The blank check to Europe is absolutely nuts.
They will do anything to preserve the status-quo
Regarding the whole quantitative easing mess, I just want to say, I told you so.
Good letter. Hit Helicopter Ben square between the eyes!
Vomit everywhere!
Bernanke belongs in Prison with Barry, Eric, Nancy, Harry, Janet and Timmy.
does anyone else see the major problem here?? am I the only one that does?? the top 1% gained massively since this began..while everyone else is stuck in a worse economic meltdown then the depression.. and they wish to continue this policy?? lets ask a few questions shall we??
1) the fed gives wall street 10 million dollars every month correct?? who receives this largesse?
2) who delivers the payoff.. oh excuse me.. economic stimulus.. are there guards?? do they just drop it off in a big sack??? would you mind dropping it off and turning around for a second?? I’ll keep an eye on it for you..
3) at the same time wall street donations to the democrat party are at all all time high.. can we say cause and effect?? how about conflict of interest??
4) nobody even seems interested in discussing this.. lets follow the bouncing ball.. 10 million dollars a month.. or more.. given to who? by who? do they know before hand?? or do they just drop it off on the door step and say spend it as you will?? enquiring minds want to know!!!
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