From Monty Pelerin at American Thinker (“Bernanke’s Cowardice Has Sealed Our Fate”) –
Bernanke indicated that from 600 to 850 billion additional dollars would be created. To put this in perspective, the TARP package was in this range. The total Federal Reserve balance sheet was $829 billion at the end of 2004 and only $869 billion in August 2007. At the end of 2009, it had ballooned to over $2,200 billion. This announcement means it is headed to $3,000 billion (3 trillion).
… Mr. Bernanke was faced with two choices, neither of which were good. He could have refused to initiate another round of QE, which would have forced the government to make tough decisions. Such action might have put the economy into another Great Depression. He likely would have lost his job and been blamed for any economic difficulties that followed.
He chose the other option — provide the needed funds. As such, he chose to be the Enabler-in-Chief, reinforcing the out-of-control government fiscal policies.
In what would have been a true “Profiles in Courage” moment, George W. Bush could have stopped all of this before it started in September 2008. He didn’t.
In the past 60 days or so, Ben Bernanke could have stopped the collective lunacy. He didn’t. Now he’s part of it.
Pamela’s sadly accurate reax: “It’s just the next stage of the West’s ongoing Operation Fetal Position.”
At Pajamas Media — “Massive Voting Fraud Reported in Massachusetts.” Just read the whole thing. Representative government may be lost in the Cradle of Liberty.
Oklahoma’s not seasonally adjusted unemployment rate was 6.5% in September. That’s down from 6.7% in September 2009.
It’s been a bit more than three years since the Sooner State passed strict immigration enforcement legislation, known as “1804.” The state’s unemployment rate declined while the rest of the country’s was going up in 2008, and has stayed 3% or so below the national rate since then.
As I said six months ago: “If ’1804′ isn’t the reason Oklahoma has vastly outperformed most of the rest of the country, someone will have to try to explain what is” — and it’s not oil.