Economic Prism – When Hell Froze Over - The Final Years on Earth
“By the pricking of my thumbs, something wicked this way comes.” – William Shakespeare, Macbeth
Rick Perry On The Fed
On Tuesday, presidential candidate Rick Perry said further money printing between now and the election by Federal Reserve Chairman Ben Bernanke “…is almost treasonous.”
Immediately, politicos and pundits had their panties in a wad. Karl Rove, White House press secretary Jay Carney, and Democratic National Committee spokesman Brad Woodhouse, among others, were compelled to denounce Perry for his “very unfortunate comment.”
Obviously, words can be dangerous things. And they should be chosen carefully. But come on…this is an election season after all. What good would it be without a little hyperbole and good old fashioned populism?
When you get right down to it, Perry’s comment wasn’t too far off the mark. Bernanke’s track record proves this.
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Most notably the Fed’s Term Asset-Backed Securities Loan Facility (TALF), which, according to Matt Taibbi of Rolling Stone, “sent billions in bailout aid to banks in places like Mexico, Bahrain and Bavaria, billions more to a spate of Japanese car companies, more than $2 trillion in loans each to Citigroup and Morgan Stanley, and billions more to a string of lesser millionaires and billionaires with Cayman Islands addresses.”
Was all this really in the best interest of the American people?