“Fed” Up (or: Ending the Fed, Texas Style)

August 17th, 2011

Inspired by An ugly start: Rick Perry seems to want to be president in the worst possible way, Political pressure on Fed intensifies with Perry attack, Is Perry built for a general election? (Washington Post 8/17/11), and of course Governor Perry’s book, which partially inspired our title.

 

“If this guy prints more money between now and the election, I dunno what y’all would do to him in Iowa, but we would treat him pretty ugly down in Texas. Printing more money to play politics at this particular time in American history is almost treacherous, or treasonous, in my opinion.” — Rick Perry about Fed Chair Ben Bernanke

 

The Federal Reserve–right wingers can’t stand it,

Probably because they don’t understand it.

They know it has something to do with money,

But suspect it’s up to something funny.

They want a simpler time with no monetary policy or central bank

(Many of them happily gold standard Kool Aide drank).

Perry says the Fed printing more money would be treason,

Though he never gives us an actual reason.

Let’s skip over that Perry seems not to know how the economy works

And try to understand what him about monetary easing so irks.

Politicians usually want to keep monetary policy loose,

But even the idea of so doing prompts Perry to deliver a string of abuse.

Interest rates and inflation are low, and unemployment is high,

And Perry thinks monetary easing is treasonous why?

Normally when the economy is bad, people want it to improve.

If Perry want to do the reverse, what does that prove?

And is Perry making it official

That his own monetary policy is to threaten a federal official?

And by the way, Rick, Bernanke was appointed by George W. Bush,

So it’s hard to see how he’s part of a partisan Obama push.

When Bernanke’s term expires, President Perry can appoint Ron Paul,

Soon after which he won’t have to worry about the Fed at all.

***

Here’s Hardball’s 8/16/11 panel discussion about Perry’s extremism, including the Bernanke comments.

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Here’s Rachel’s 8/16/11 report (Ezra joins her) on Perry’s anti-Fed comments and lack of any apparent economic policy. As Ezra points out, the irony is that the Fed was a free-market Republican invention.

Visit msnbc.com for breaking news, world news, and news about the economy

Here’s Hardball’s 8/17/11 panel on the anti-Fed comments. I have to say, I never thought I’d be backing the Bushies.

Visit msnbc.com for breaking news, world news, and news about the economy

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