I realize the term "economic sabotage" is a loaded one. But what else do you call this?
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
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.”
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.
To say it’s unusual for a political party to try to influence the Fed is an understatement.
So these lunatics think they can block the jobs bill, rake the Fed over the coals, continue to oppress the economy, and get elected on that platform in 2012?
Magical. Just magical. These people don't care about real people in the least. Not even a little bit. Unemployed since 2008? Screw you. That's what they're telling you. They're taking every single person who isn't wealthy or employed and telling them they can shove it.
Explain to me again how this is patriotic, or defends the Constitution, please?
Republicans smell an election opportunity – but only if they can keep the economy down, jobs down and wages down. Republicans are betting that voters will blame the "party in power," which means the party of the president. Read more...
Here's an excerpt from a much lengthier piece in the New York Review of Books, in which Krugman makes the not-implausible case there's reason to hope for a return to Keynesian policies before the election:
Pundits are always making confident Read more...