G.O.P. Urges No Further Fed Stimulus

[alp227]

Source: The New York Times

Even though the financial markets have been counting on the Federal Reserve to take action, Republican Congressional leadership sent a letter to the Federal Reserve chairman on Tuesday evening urging it not to engage in further stimulus.

The letter was sent in the midst of a two-day meeting in which Fed officials are widely expected to undertake policies to lower long-term interest rates. That move would be intended to loosen up credit in hopes of promoting growth. The meeting ends Wednesday, and the Fed is expected to release a statement Wednesday at 2:15 p.m.

“We have serious concerns that further intervention by the Federal Reserve could exacerbate current problems or further harm the U.S. economy,” said the letter, signed by four of the top Republicans in Congress: Mitch McConnell of Kentucky, the Senate Republican leader; Jon Kyl of Arizona, the Senate Republican whip; House Speaker John Boehner of Ohio and House Majority Leader Eric Cantor of Virginia.

The Fed’s chairman, Ben S. Bernanke, has not said further stimulus was in the works, but economists and analysts have repeatedly asserted that they believe the central bank will announce more easing.

Read more: http://www.nytimes.com/2011/09/21/business/economy/gop-urges-no-further-fed-stimulus.html

[midnight]

1. Ignore the gop...

[HDPaulG]

2. Ditto midnight...

[Firebrand Gary]

3. Liberals Urge No Further Republican Obstacles

Midnight is right, flat out ignore them completely.

[PatrynXX]

4. downgrade part deux?

bonk. bout as backwards as Bachman on the double dip recession crap we'll get if we raise taxes. Hey lady quit kicking the can down the road. your gonna really get us in a depression. So up comes these jokes.... zzzzzz

[ixion]

5. No stimulus for Main St, but keep that Wall St. corporate welfare flowin'

these people make me sick.

[liberal N proud]

6. Their "JOB CREATOR" constituents are not stimulating the economy

So some one needs too!


:nuke:

The GOP: Keeping millions out of work so one man will lose his job!

[rtracey]

11. "job creators"

Their so called "job creators" are not actually the creators, but the middle class are the job creators. Think about it, the rich corporate republicans are sitting on their all time high profits, 2 trillion in cash, plus another 2 trillion in banks, warehouses filled with stuff to sell, but the middle class are not spending, afraid they will lose their jobs. Nothing moving equals layoffs. The next stimulus should be an infusion of cash to the middle class, perhaps 2000 - 5000 per working person, and then see what happens, some will be saved, but the majority will go into the economy.. ie food, rent, house payments, clothes, big ticket items. Lets get the warehouses empty so the rich corporations can hire to fill them again. The rich are NOT the job creators, the middle class are.....

[liberal N proud]

12. Yep

Welcome to DU

[no_hypocrisy]

7. The Fed is a private institution and the GOP has no ability to decide or to demand.

And debatable clout.

[Hubert Flottz]

8. All the GOP cares about is crushing Obama next year.

They want a new Village Idiot in the White House.

[GoCubsGo]

9. Of course they did.

And, anyone who isn't on to these treasonous bastards by now needs their heads examined.

[Javaman]

10. The party of death knows full well that another stimulus would help

and that's the last thing they want. The always put death before the people.

[Yo_Mama]

13. They're right on QE3

QE2 was a disaster for Main Street. It raised the cost of living for the poor, working class and middle class, the resultant cut in incomes constrained revenue to businesses, thus slowing down job creation, and it gave large income increases to those who get their living from financial asset prices.

I have to think that in this instance they are right.

More interestingly, it hints at what the next election will be like. The more income we funnel to the 20%, the worse employment and living standards on Main Street get. Does the GOP intend to go populist?