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