The View From 1776
Today’s Liberal-Progressive Hypocrisy
Liberal-progressives are distressed by the Senate and House Republican leadership’s “unprecedented” sending a letter to the Fed Board requesting that the Fed not pursue a new monetary round of debasing the dollar with excess fiat money creation.
This on the heels of Congressman Barney Frank’s recent demand that the law be changed to prevent more conservative regional Federal Reserve banks’ officials from participating in the Federal Open Market Committee (FOMC). The FOMC is the body that determines the Fed’s monetary policy. Congressman Frank stated that the presence of their dissenting votes has become a “significant constraint” on the Fed’s freedom [to continue debasing the dollar]. In the liberal-progressive lexicon, any discussion or questioning of socialistic policies can only be characterized as vicious obstruction.
The Republican leadership’s letter should probably be seen as no more than a counter to Congressman Frank’s attack, but the so-called mainstream media are color blind to anything other than socialist red.
- Up to this year, the Fed has been considered non-partisan. That has now ended with this GOP letter to the Fed which seems to be a deliberate attempt to suppress economic growth heading into next year
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- This is a very simple matter. After witnessing the devastation in mortgage-banking caused by Barney's efforts on the House Banking Committee, any position he takes should be considered as the opposite of good policy.
When one examines possible courses of action it is wiser to use common sense, observation of past actions, and a clear evaluation of a proponent's actual record, than to rely on some arcane theoretical model.
That is why anyone in a position to influence the nation's economy should have had past experience in the "real" world of private business. Professors, community organizers, and professional full-time politicians possess no useful experience in such matters and have consequently caused much of the economic malaise that afflicts America.Posted by bill greene on 09/26 at 06:40 AM
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