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Republicans Don’t Want The Federal Reserve To Help The Economy
The question regarding whether or not the GOP wants the economy to improve was answered today when they criticized the Federal Reserve for “QE3″.
The Federal Reserve announced today that it was going to buy $40 billion dollars worth of mortgage backed securities per month in order to help the flagging construction industry and overall economy.
The Republicans said they don’t like this idea and believe the Federal Reserve is doing this for political reasons in order to re elect President Obama by strengthening the economy.
“It is 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.)(sarcastically) said according to the Hill.
So what did the GOP want the Federal Reserve to do? Sit back as the European recession head winds drag the United States back into recession along with it?
They seem to want the economy to slow or stagnate in order for them to continue to blame President Obama. They know an improving economy is good for Obama and diminishes their opportunity to take over the White House.
This is right in line with everything else that they have done to stall and impede the strengthening economy. They stopped the President’s jobs act, they halted any form of congressional action to improve the economy — other than the typical cut taxes and deregulate plan that has failed in the past.
So, now the Federal reserve is doing what it is meant to do, strengthen the economy, and the Republicans are crying foul rather than applaud the action to strengthen the economy and help Americans.
This type of politics over policy mentality of the Republicans is what drove us to the edge last summer during the deficit ceiling fight. Unfortunately the GOP would prefer a weak economy and win the election, than a strong economy and a prosperous nation.
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6 Responses to Republicans Don’t Want The Federal Reserve To Help The Economy
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Reynardine
Sep. 13th, 2012 at 9:32 pm
Mr. Labrador would be better swimming around with a lame duck in his mouth, the way Nature and the AKC intended him to do.
Andrew Rei
Sep. 14th, 2012 at 1:17 am
Of course the GOP don’t want anyone to help the economy in any way! The problem with that is that most people know it was the Bush 43 Administration that crashed it in the first place and the GOP have suppressed any effort by the President to make things better, so the jig is up. On the other hand, the QE3 isn’t going to help any candidates this November…in fact, what this may do is blunt the effect of “going off the fiscal cliff” early next year. I think what the Fed really wants to have happen is the hoarding big corporations to stop hoarding the cash they have (more than $2 trillion) and start doing what they’re supposed to be doing with the tax breaks they’ve been getting since 2001: hiring people. Again, for the GOP, the jig is up…people will remember this November and, if the GOP continue to obstruct the financial recovery this country needs, they’ll pay big in 2014, too. Let’s see if the GOP do the correct thing or do the pig-headed thing. If I could bet on it, I’d bet on them doing the pig-headed thing, but that’s just me. There’s one advantage to these big corporations spending money to hire people: it’ll blunt the tax hit they’re going to take next year.
majii
Sep. 14th, 2012 at 1:51 am
I remember when then-candidate for POTUS, Rick Perry, threatened FED Chairman Ben Bernanke, and when top republicans in Congress wrote him a letter a few months ago urging him to take no action to help with economic recovery. I remember reading a comment from a former member of the FED who said that the letter was an unprecedented move to politicize the FED. As far as republcians in Congress and in the country are concerned, the country and its people could go to hell in a handbasket as long as they control Congress and the WH. The refusal of republicans in Congress to do their jobs the last four years shows that they consider us and the nation collateral damage on their path to political power. This is why when I hear any republican politician speaking about how patriotic he/she is, the vilest curse words anyone could think of pop into my mind. These bast*rds only concerns are wielding power over the rest of us and enriching themselves at our expense.
Barry Roope
Sep. 14th, 2012 at 11:37 am
I can’t believe the Federal Reserve is going to help the economy recover! How dare they? Don’t they know that helping the economy improve might, in turn help President Obama get re-elected. This is an abuse of Government, I demand that the Fed, start doing things that will harm the economy, because suffering will make people vote for Mitt Romney, I mean, come-on, It’s Mitt’s turn.
Tim
Sep. 14th, 2012 at 11:52 am
When are folks going to start using the term treasonous behavior.
GOP members met on 1.20.2009 to oppose any policy that the president supported.
That violates their constitutional duty and their oath of office.
clarence swinney
Sep. 15th, 2012 at 5:01 pm
MITT ROMNEY SANE? OR DUMB?
ON GOOD MORNING AMERICA ON ABC ON 9-14 HE SAID
“ThE AVERAGE MIDDLE CLASS FAMILY HAS AN INCOME OF $250,000”
Huh! Census Bureau says try $50,000. Crazy stuff.