CLEVELAND, July 18, 2012 – This from Forbes’ website which noted yesterday’s repartee between Fed Chair Ben Bernanke and a Senator Charles Schumer (Socialist: NY):
New York Democrat Chuck Schumer pushed Bernanke on further stimulus as expected, telling the Fed chief that Congress will not be able to get its act together until it is too late to stave off the impact of the fiscal cliff looming in January. With lawmakers hopelessly deadlocked, Schumer urged Bernanke to take whatever action he thinks necessary. “Get to work, Mr. Chairman,” the senator said.
As one of the Maven’s old Great Lakes Merchant Marine buddies once said, “Truer words was never spoke.” A shameless standout in a feckless, shameless U.S. Senate, Schumer inadvertently spoke the literal truth—at least between the lines—as he admonished the Fed Chair to start printing an awful lot more Benjamins. No doubt, this might help the Democrat-led Senate—the gang that couldn’t shoot straight—to tiptoe through this fall’s elections unnoticed and thus re-elected to terms they don’t deserve, given that they absolutely refuse to pass anything resembling a budget.
Schumer essentially declared that the Democrats have absolutely no intention of behaving like adults. They’re perfectly happy to let taxes skyrocket in January, just to make the Republicans—who do propose budgets—look bad. Meanwhile, they will do absolutely nothing on record to help the Fed to help the economy, preferring to blame everything on the Republicans while they themselves sit on their hands and preen.
This is childishness in the extreme, but it’s par for the course for contemporary Democrats whose definition of a bipartisan Congress in one in which Republicans bow down and allow their leftist betters to win on every issue all of the time.
It’s for this reason that we’ve frequently asked critics of Ben Bernanke to back off and think for a minute. The Fed Chair has been like that lonely U.S. Marshall in “High Noon,” the only dude in town willing to take on the bad guys while everyone else cowers in the corner and hopes nobody will notice. The Dems preach a good socialist game plan. But when it comes to recording votes that favor sending America down the fiscal river forever, they don’t want to go on record. So they don’t. (They learned that during the Obamacare debacle.) Instead, they prefer to criticize the Fed Chair, the only adult in the room. Elected Senators, telling the unelected Fed Chair to do their work. Imagine that.
In any event, Wall Street initially thought it liked what the Fed Chair said yesterday, viewing it as a signal that the Fed would rev up quantitative easing (QE), edition number three. So the market rallied sharply on Tuesday.
But, in fact, Uncle Ben said absolutely nothing about QE3, which the futures have absorbed this morning. Ergo, the market looks to open with a downward bias this morning (barring more encouraging words from the Fed, of course), setting up for the depressive phase of its current bipolar mood.
We’re up in Cleveland today with iffy connectivity in an inexpensive motel, so we’ll wrap up here now with an interesting thought. Every single union dude and white collar guy the Maven has spoken with in the last twenty-four hours has absolutely no intention of voting for Barack Obama this fall. In this ACORN-ridden, machine-Democrat Rust Belt stronghold of the left, that’s telling you something that the largely rigged national polls are not.
Have a good one.
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