Whatever shred of doubt you may have harbored about the determination of congressional Republicans to keep the economy in the dumps through Election Day should now be gone.The Republicans have poisoned the well. When they get into power, the Democrats will play the same "scorched earth" policy to defeat the Republicans. The political right has thrown away the future for 312M Americans so that they can feather their own political nests. What boggles my mind is that people vote for these maniacs.
Today, in advance of a key meeting of the Federal Reserve Board’s Open Market Committee to decide what to do about the continuing awful economy and high unemployment, top Republicans wrote a letter to Fed Chief Ben Bernanke.
They stated in no uncertain terms the Fed should take no further action to lower long-term interest rates and juice the economy. “We have serious concerns that further intervention by the Federal Reserve could exacerbate current problems or further harm the U.S. economy.”
They didn’t threaten to “treat him pretty ugly” — as Texas Governor Rick Perry told his supporters last month he’d deal with Bernanke if he “printed more money” between now and the election.
But the threat was there. “It is not clear that the recent round of quantitative easing undertaken by the Federal Reserve has facilitiated economic growth or reduced the unemployment rate.”
Translated: You try this, and we rake you over the coals publicly, and make the Fed into an even bigger scapegoat than we’ve already made it.
Top Republicans believe they can block all or most of Obama’s jobs bill. That leaves only the Fed as the last potential player to boost the economy. So the GOP will do what it can to stop the Fed.
After all, as Republican Senate head Mitch McConnell stated, their “number one” goal is to get Obama out of the White House. And that’s more likely to happen if the economy sucks on Election Day.
Wednesday, September 21, 2011
The Republican 2012 Strategy
Here is Robert Reich's take on the political right's strategy: