Axis of Depression – NYTimes.com:
“So what’s really motivating the G.O.P. attack on the Fed? Mr. Bernanke and his colleagues were clearly caught by surprise, but the budget expert Stan Collender predicted it all. Back in August, he warned Mr. Bernanke that ‘with Republican policy makers seeing economic hardship as the path to election glory,’ they would be ‘opposed to any actions taken by the Federal Reserve that would make the economy better.’ In short, their real fear is not that Fed actions will be harmful, it is that they might succeed.
Hence the axis of depression. No doubt some of Mr. Bernanke’s critics are motivated by sincere intellectual conviction, but the core reason for the attack on the Fed is self-interest, pure and simple. China and Germany want America to stay uncompetitive; Republicans want the economy to stay weak as long as there’s a Democrat in the White House.”
(Via Grasping Reality with Both Hands.)
I long suspected this when I saw the GOP opposing its own policies when they came from a Democrat in the White House. They know that opposition to Obama is more about high unemployment than support for the GOP. It’s party before country which is all pretty disgusting until I realized that the real blame lies with us, the fools. We are the ones who should laugh in Mike Pence’s face when he suggests that The Fed should focus only on stabilizing prices against the law that created it amidst the worst unemployment we’ve seen in decades. To quote the Federal Reserve Act, the purpose of The Fed “to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates.” Nope. Instead, all too many of us cheer and then blame the Obama Administration for high unemployment!
You get the government you deserve. Always.