"Geithner shows support for Fed" by Ian Katz and David Lynch, Bloomberg News / November 20, 2010
WASHINGTON — Treasury Secretary Timothy Geithner warned Republicans against politicizing the Federal Reserve and said the Obama administration would oppose any effort to strip the central bank of its mandate to pursue full employment.
Well, if that was their mandate, THEY HAVE FAILED TREMENDOUSLY!
And the DEMOCRAT OBAMA is going to DEFEND THEM against the TEA PARTY PEOPLE!!
“It is very important to keep politics out of monetary policy,’’ Geithner said in an interview airing on Bloomberg Television’s “Political Capital with Al Hunt’’ this weekend. “You want to be very careful not to take steps that hurt our credibility.’’
Whose credibility?
Can't be Geithner's or the government's because they have none left.
The Republican congressional leadership, including John Boehner, nominated as the next House speaker, has criticized the Fed’s plan to buy $600 billion in assets, saying it would fuel inflation and asset bubbles.
That is what it is intended to do; Bernanke admitted all he cared about was inflating the Dow no matter how much money he has to print.
Senator Bob Corker, a Tennessee Republican who serves on the Banking Committee, said he favors confining the Fed’s mandate to promoting price stability.
That means not letting our dollar hit the dirt, another thing Bennie and the Boys are failing at.
The Fed’s monetary easing, which Chinese officials have said weakened the dollar, hasn’t hurt US efforts to convince China to let the yuan rise, Geithner said. The yuan has gained about 2.6 percent against the dollar since Sept. 1.
Or the dollar dropped even further.
Fed chairman Ben S. Bernanke defended the monetary stimulus in a speech in Frankfurt yesterday and in a meeting with US senators earlier this week.
The best way to underpin the dollar and support the global recovery “is through policies that lead to a resumption of robust growth in a context of price stability in the United States,’’ Bernanke said in his speech....
What shinola is he spewing?
Also this week, 23 people, including former Republican government officials and economists, urged Bernanke to halt the stimulus.
Now I understand why the Globe is so pro-Democrat.
Democrats don't dare talk back to banks -- not since a certain president had his head taken off over silver notes.
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This country is owned by bankers and I'm beginning to believe it is beyond salvation.
