Fresh Attack on Fed Move

WSJ.com – GOP Economists, Lawmakers Call for Abandoning $600 Billion Bond Purchase

The economists have been consulting Republican lawmakers, including incoming House Budget Committee Chairman Paul Ryan of Wisconsin, and began discussions with potential GOP presidential candidates over the weekend, according to a person involved…

Some prominent liberal economists, including Nobel laureates Joseph Stiglitz and Paul Krugman, already have challenged the efficacy of quantitative easing, arguing that more fiscal stimulus is needed to restore the economy to health.

Signers of the new manifesto criticizing the Fed include: Stanford University economists Michael Boskin, who was chairman of President George H. W. Bush’s Council of Economic Advisers and John Taylor, a monetary-policy scholar who served in both Bush administrations; Kevin Hassett of the conservative American Enterprise Institute; Douglas Holtz-Eakin, former Congressional Budget Office director and adviser to John McCain’s presidential campaign; David Malpass, a former Bear Stearns and Reagan Treasury economist who made an unsuccessful run for a U.S. Senate seat from New York; and William Kristol, editor of the Weekly Standard and a board member of e21, a new conservative think tank seeking a more unified conservative view on economic policy..

CNNMoney.com – Bernanke’s worst nightmare: Ron Paul

FoxBusiness – Ron Paul on Supervising the Fed
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The American Conservative – The Fed Trashes the Dollar by P.J.B.

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9 Responses to Fresh Attack on Fed Move

  • Let’s try it GRAMMATICAL CORRECT.

    Also, on the editorial page of today’s Journal, former Fed Board of Governors Vice Chairman Alan Blinder has a piece, “In Defense of Ben Befnanke.” He writes, “To create te fearsome inflation rates envisioned by the more hysterical critrics, the Fed would have to be incredibly incomepetent.”

    I almost drowned in my coffee. cIf the Fed has gotten ANYTHING right since 1913, I would like to know of it.

    We are doomed.

  • Crickets… Crickets. Besides T. Shaw, why is there silence on this topic? Many here at The American Catholic have questioned me on earlier posts (linked above) regarding the Fed. Now that an AEI rep., William Kristol, and numerous other Reagan and Bush economic reps are all saying the same thing you guys are deadly silent…

  • My views here are those of Scott Sumner. The Fed’s inflation target is 2%. Prior to the QEII announcement, expected inflation over the next five years was 1.2%. After the announcement this went up to 1.7%, which is still below the target.

  • David,

    I consider Jim Cramer to be a dishonest hack (watch his Daily Show appearance to see what I mean).

  • Normally I don’t follow his thought, but the links to Cramer are for Burgwald… A while back he linked to a Cramer video saying not to buy precious metals. These more recent videos are actually not too bad.

  • If you haven’t seen the Cramer Daily Show interview, I would recommend it. It is very eye opening.

  • Crickets… Crickets. Besides T. Shaw, why is there silence on this topic? Many here at The American Catholic have questioned me on earlier posts (linked above) regarding the Fed. Now that an AEI rep., William Kristol, and numerous other Reagan and Bush economic reps are all saying the same thing you guys are deadly silent

    William Kristol’s opinions do not interest me. I think Dr. Holtz-Eakin and others have a different assessment than Dr. Bernanke about the future value of the money multiplier and the future value of the velocity of money and thus the effect of this expansion in the monetary base on domestic prices and exchange rates. There also appears to be some concern about igniting a round of competitive devaluations in international currency markets. I would posit that Dr. Holtz-Eakin and Dr. Bernanke are running statistical models on SAS which bring them different conclusions. I likely could not evaluate the comparative validity of the models even if I knew what they were, so I have nothing to say.

  • Blackadder – Burgwald referenced a video from Dave Ramsey not Jim Cramer. Burgwald remains a gold-hater. I shall watch the link above. Thanks.

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