Fed Reserve condemned for daring to seek job growth
Federal Reserve Board Chairman Ben Bernanke today announced another round of quantitative easing, the technical term for injecting more capital into the economy to lower interest rates and encourage growth.
The decision was widely expected, and before it was announced Republican members of Congress were already condemning it as a politically motivated effort to help the re-election bid of Barack Obama.
“It really is interesting that it is happening right now before an election,” said Rep. Raul Labrador (R-Idaho). “It is going to sow some growth in the economy, and the Obama administration is going to claim credit.”
“I am shocked, just shocked, that politics are going on in this city!” Rep. Tom McClintock (R-Calif.) said sarcastically.
“They are the ones who always say they want to remain independent. So they should consider, just how independent are they when they come out, only 50 days before the election, with this?” said Rep. Scott Garrett (R-N.J.).
The Fed has taken similar action twice before, in part to offset the refusal by Congress to inject more money into the economy through stimulus. “The Committee is concerned that, without further policy accommodation, economic growth might not be strong enough to generate sustained improvement in labor market conditions,” the official announcement read.
The reaction of GOP members of Congress is revealing, isn’t it? They acknowledge that the move is likely to put more Americans into jobs. But they nonetheless oppose it, condemning it as politically motivated, because they fear those steps might help President Obama.
Avoiding the second outcome is more important than achieving the first. Such is the state of patriotism.
– Jay Bookman
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736 comments Add your comment
skydog
September 14th, 2012
6:53 am
Towncrier – “If things turn really sour in the Middle East in the next month or so, he can not realistically be faulted for that. But politicians will blame him and it will have happened on his watch. And fair or not, it will likely hurt him in the mind of the voting public.”
There is your sign.
How can we ever get to the “End Of Days” if we cons don`t win the election so we can attack Iran and Syria and get to the real goal. Taking that big gold dome that must fall before He comes back for his chosen few.
I mean come on! My generation of old white fat men ain`t got forever. I would like to see this country go back to the days like when I grew up.
Segregation
Coat hanger abortions
Nothing open on Sundays
(except gas stations. I could never figure out if that law was made because God drives or they didn`t want you to run out of gas on the way to the offering plate)
Old white men who not only hated people of color, but also hated Catholics, Jews, and “sissys”.
Here is the deal cons. You have one more election cycle before my generation of fat old withe dudes checks out and becomes dinosaurs.
You can come along with us or we will see you at the bridge in Birmingham. There will be more of us than last time.
We are not going back.
.
Ronnie Raygun
September 14th, 2012
7:06 am
Are the cons still whining about the deficit commission whose recommendations were blocked by the republicans on the commission, including Paul Ryan, who voted against it?
Madmax
September 14th, 2012
7:07 am
So we’re going to boirrow $480,000,000,000 to buy bonds we can’t sell at current rates in order to keep our interest rates low so we can “afford” to keep borrowing? I didn’t know Milken and Madoff were running the Fed. At least this part of the debt can’t be blamed on Bush but I know the folks here, they will try anyway.
stands for decibels
September 14th, 2012
7:10 am
When the president says he can’t meet with the Israeli Prime Minister because he has to go to a fund raising dinner and appear on Letterman, I’m guessing his Jewish block is getting smaller and smaller.
Few things funnier than the article of faith among so many conservatives that the “Jewish block [sic]” in America just la-la-loves it some Bibi Freakin’ Netanyahu, to the extent that they’d trust him over their own elected President.
(But I do wonder–How many Americans, period, understand that Israel has its own Sheldon Adelson problem?)
skydog
September 14th, 2012
7:10 am
Copied from Huff Post-
Mitsy, remember the guy you bullied in college? He’s voting in November. And remember the guys you enjoyed firing? He’s voting in November. Remember the auto worker you said let him eat cake? He’s voting in November. Remember the guy whose company you raided and dismantled? He’s voting in November. Remember the woman you said her body wasn’t hers? She’s voting in November. Remember the young woman whose “0bamacare” you are going to repeal? She’s voting in November. Remember the college student whose student loan you are going to end? He’s voting in November. Remember the senior citizen whose Medicare you are going to turn into a voucher? He’s voting in November. Remember the mother of s1ain embassy staffer you used for your own political gain? She’s voting in November. And that’s only the start.
James
September 14th, 2012
7:11 am
The Democrat party has been highjacked by left wing loons that don’t care that they will destroy our county. Why else would anyone talk about “fair share” when discussing taxes all the while realizing that 48% pay NO INCOME TAX. Before we raise taxes on the 52% that pay taxes…what do you say we require everyone to pay income tax!
Madmax
September 14th, 2012
7:13 am
James, that wouldn’t be fair. Only the other guy is supposed to pay taxes. You know, those Wall St types
stands for decibels
September 14th, 2012
7:15 am
For those who aren’t aware, Sheldon Adelson has essentially destroyed what’s left of the print journalism business in Israel by flooding the market with a free daily, bankrolling it from his casino
thieveryprofits.http://www.independent.co.uk/news/world/middle-east/zionist-casino-mogul-sheldon-adelson-rocks-israeli-media-8101319.html
Israel Hayom, which strongly supports Israeli Prime Minister Benjamin Netanyahu, is owned and funded by Mr Adelson, the American casino billionaire who is a major Republican Party benefactor, and opponent of a two state solution to the Israeli-Palestinian conflict. After supporting the unsuccessful GOP primary candidate Newt Gingrich, he indicated he could spend up to $100m on Mitt Romney’s presidential campaign.
While Israel Hayom also has paid delivery to homes it is handed out for free by seemingly ubiquitous newsboys across the country. It says that “reaching every citizen and every venue in Israel is one of the key tenets of the paper’s mission.2
The paper survived an unsuccessful attempt in 2009 by Knesset members to block majority newspaper ownership by foreigners. An unnamed Yedhiot Ahronot executive was recently quoted in the business daily Globes saying: “Adelson has simply brought ruin to the Israeli newspaper market, and the Israeli politicians who benefit from its flattering coverage have allowed this unprecedented phenomenon to occur.”
Wilbur
September 14th, 2012
7:15 am
Jay is either a boob or a tool.
The fed is being condemned for pumping 85 billion a month into the economy in advance of an election which is like pumping the electorate full of a short term drug. They may feel better for a month but will feel much worse in two. Is Jay too dumb to know that or his Obama-religion blinding him?
Obama’s policies have failed. Income distributions are widening. More and more minorities are out of work. The middle class is under more and more pressure. Kids cant find work. It’s all the same things that happened the last time democrats got free reign to try their failed ideas. Now the response will be to try to regulate more outcomes which will only make things worse and worse.
We need to get off this train now while there is a little hope.
stands for decibels
September 14th, 2012
7:17 am
The Democrat party has been highjacked by left wing loons
The Democratic Party overall has been drifting rightward for decades, since a) that is where the money is, and b) the Republicans have gone so radically right that what used to be considered centrist is now somehow liberal.
This isn’t really up for debate, but it’s kind of funny to hear right-wing echo chamber bloviate otherwise.
Jm
September 14th, 2012
7:19 am
Madmax 7:07
stands for decibels
September 14th, 2012
7:20 am
Before we raise taxes on the 52% that pay taxes…what do you say we require everyone to pay income tax!
Sure. Just as soon as you’ve run the simulations that show what happens to our economic health after a year or two after you’ve hit the poorer half of our citizenry with a new set of expenses.
You’ve done that, yes, and can show your work?
Normal Free...Pro Human Rights Thug...And liking it!
September 14th, 2012
7:20 am
Good Friday morning all y’all…
After reading last nights posts, I am shaking my head at the division in our people. I can’t understand how otherwise intelligent people could support and vote for a man like Romney. He is a walking metaphor that Corporations are people. He does not care about anything more than what he is told to care for. He is not a man for the people.
I have had more than one difference of opinion with president Obama, why we are still in Afghanistan being one, but I can tell you that he is miles above Mitt Romney in caring for the average American. If he had had any support from Congress, he would have been very good indeed. And when you think about it, the GOP foot dragging in order to make President Obama a one term President, says volumes about how little the GOP cares for the American economy and the average American person. No, the GOP are Corporate Fascists and I will continue to scream it to the Heavens from now until November 6…THERE ARE ONLY TWO KINDS OF REPUBLICANS! THE RICH AND THE DUPED! And…I doubt that any of you proud Republicans on this blog are rich. You wouldn’t be here if you were.
I would hate to believe that the only reason you hate President Obama so is because he is black, but I can’t see a reason big enough otherwise, to promote such negative passion.
But remember this, those of you who are about to go on Social Security and Medicare because that’s all you have and those of you who have not been lucky enough to be born with a silver spoon in your mouth, will live to regret any Republican victory. Ant to those of us who already enjoy the benefits of Social Security and medicare, don’t ever think for a moment that it won’t be taken from you. Any money not spent on social services is money that can be used to pay for more tax cuts for the wealthy and/or more toys for the military.
Have a great Friday…I’ve got work to do.
Granny Godzilla - Union Thugette
September 14th, 2012
7:21 am
The official GOP line is QE III sucks….
but the monied base is lovin’ it.
How can that be?
.
.
.
Also sad to see resolution in Chicago fell through last night.
stands for decibels
September 14th, 2012
7:21 am
Remember the senior citizen whose Medicare you are going to turn into a voucher? He’s voting in November.
well, maybe, if he hasn’t moved, and he still has a current photo ID, and if his governor isn’t Republican…
Mick
September 14th, 2012
7:25 am
normal@7:20
Thunderous applause!!!
Independent
September 14th, 2012
7:27 am
The problem with “job growth” isn’t capital driven which is the basis for the Fed’s QE3 move, it is tax policy, government spending and the government taking an ever expanding share of GDP. Printing more money isn’t the solution; restraining government and reducing uncertainty is.
Madmax
September 14th, 2012
7:30 am
stands for decibels
September 14th, 2012
7:20 am
Used to work here and works for our neighbors up north.
Brosephus™
September 14th, 2012
7:35 am
The Democratic Party overall has been drifting rightward for decades, since a) that is where the money is, and b) the Republicans have gone so radically right that what used to be considered centrist is now somehow liberal.
Yep. When the GOP has gone so far to the right that they’re standing to the left of the Democratic Party, you would think someone would realize that the party has drifted too far. However, those who live and function within echo chambers really don’t have a true connection to reality.
Brosephus™
September 14th, 2012
7:36 am
Romney Middle East Sheetz!!!!
Brosephus™
September 14th, 2012
7:41 am
The official GOP line is QE III sucks….
but the monied base is lovin’ it.
How can that be?
If Obama’s for it, then the GOP is against it. I’m willing to bet that the same GOP that are anti-Obama will not refuse to accept any profits they make from their investments that come as a result of QEIII though. It’s one thing to be anti-Obama, but I bet they ain’t turning down any money.
GT
September 14th, 2012
7:41 am
The temperature of the mental outlook of Americans has a huge impact on the actual economy. It is like a parent raising a child. If you tell that child he or she can’t perform, you create that child’s reality. We had lost our balance after the 9/11 crisis, the event became bigger than the actual impact it should have had on America. We showed military might, but in this country, domestically, we freaked out. We had a mental break down, we over reacted in very negative ways. The Bush administration did not lead us as a country, it was almost as if they had dropped into depression as well. The reaction of chasing weapons of mass destruction, homeland security hype and then the sorry performance of the New Orleans disaster, and the meltdown of the mortgage back securities, the feel good program of easy credit for a sick country to get cheap votes, all contributed to the country’s mental depression.
Now we have gotten the cause of the depression out of our lives, but the parent returns to remind the child, you ain’t so pretty, you have no talent and then enjoys the misery they inflict. The country is coming out of this spell. Clinton’s speech in Charlotte was a turning point you could feel it. He explained that being happy is not a rejection of God or country it is a personal responsibility, not dictated by a self adsorbed Republican Party or a tea party, it is a choice. Your choice not theirs, it is time to enjoy life again to take it back, the Republicans clearly do not want that control out of their hands.
Madmax
September 14th, 2012
7:46 am
GT “the feel good program of easy credit for a sick country to get cheap votes ” Isn’t that what these QE’s are all about?
TaxPayer
September 14th, 2012
7:46 am
It’s a good thing the GOP has not reduced itself to a party of hateful bigots and racists. Otherwise, they’d just be a bunch of angry old white guys.
Madmax
September 14th, 2012
7:47 am
Taxpayer – no, we’d be Democrats
ebird
September 14th, 2012
8:13 am
To all posters who think Congress has done nothing…Why don’t you mention the senate? They don’t have the stones to bring up bills passed by congress because they don’t want to go on record voting up or down. They are led by our wonderful prsident whose example while he was a senator was to vote “present”. I can’t wait to vote him …PAST.
Jay
September 14th, 2012
8:14 am
ebird, the Senate is part of Congress. The House is the other part.
The Loner
September 14th, 2012
8:29 am
Yep Jay, just throw some more paper out there, that oughta do it.
You big dope.
ebird
September 14th, 2012
8:30 am
Jay, only congress can spend money. The senate has to approve befor it is a bill the president can sign, not sign, or veto. If the senate leaves a bill stuck in comitee, that being the majority party they control all, they don’t have to go on record on a vote – and so the president never gets a chanch to veto. When the posters above blame Congress, they are refering to the house which is in republican control. Bring the house budget proposals up for a vote in the senate. Have the guts to put a position on the line, so when November gets here, those senators up for reelection can be judged based on a position.
GT
September 14th, 2012
8:32 am
Madmax there has been a solution suggested and published on how to solve this jobs crisis. It is from a side of the woods your type never ventures, to discover, in you cave like existence, but it is ,as best I can tell. the only solution on the table for discussion at the moment. They call this a default in tournament play, the opponent fails to compete. Until you bring your racket ,sir, and even then you still must win, we have a no show on your side of this bracket so we move on.
ebird
September 14th, 2012
8:48 am
Come on Jay, this is a perfect example of Democrats playing politics, and you just let these posters go on thinking it is the evil republican congress. At least they take a position. It is amazing to see the number of democrats in congress who agree with republican bills, but in the senate, if no vote is held, no one is on record and they are safe from being considered “on their record” Call them on their failure to bring the budget to the floor of the senate.. Cowards
Adam
September 14th, 2012
9:11 am
Adam, your ignorance is showing.”Some of the people involved in the embassy attack in Libya have already been arrested”. There is no such thing as arrest in those countries
Physician, heal thyself. There IS arrest in Libya. Shocking, I know. Rule of law actually exists in most sovereign nations.
Cosby
September 14th, 2012
10:24 am
QE 1 & QE 2 did not work so lets try QE 3..print more money..yep that will fix the economy…wionder what the dollar wil be worth after QE 25…Condemed..should be charged with treason..they have no fix just as Barry has no fix..almost four years of this crap and we are in worse shape than when we began…how much more until it topples!! Keep that tingley feeling running down your leg Jay!!1
Timing Raises Bank’s Political Profile – Wall Street Journal
September 14th, 2012
6:32 pm
[...] Scott Garrett of New Jersey called the new round of bond-buying "radical and unprecedented.Fed Reserve condemned for daring to seek job growthAtlanta Journal Constitution (blog)Republicans question whether Fed carrying water for ObamaThe [...]
cruella13
September 18th, 2012
11:31 am
This campaign has become pure idiotic nonsense on both sides. To the 99% of all walks of life, do yourselves a favor. Check out the Green Party. I apologize for not being able to give the names of the candidates, but these two women, who have actually a plan you can see and read about, makes sense. Check them out for some refreshing conversation.
Fed Reserve condemned for daring to seek job growth – Atlanta Journal Constitution (blog)
September 19th, 2012
7:19 pm
[...] Fed Reserve condemned for daring to seek job growthAtlanta Journal Constitution (blog)“I am shocked, just shocked, that politics are going on in this city!” Rep. Tom McClintock (R-Calif.) said sarcastically. “They are the ones who always say they want to remain independent. So they should consider, just how independent are they when … [...]