Paul Ryan, the incoming chairman of the House Budget Committee, has called the Federal Reserve’s plan to pump $600 billion into the economy a “big mistake.”
Fed Chairman Ben Bernanke moved Wednesday to pour $600 billion into the banking system in an effort to speed up what the Fed has called a “disappointingly slow” national economic recovery.
Ryan, a Republican from Wisconsin, panned the decision during an interview on "Fox News Sunday." He is the ranking Republican on the House Budget Committee and will take over as chairman in January.
“It’s a big mistake, in my opinion,” he said. “Look, we have Congress doing tax and spend, borrow and spend. Now we have the Federal Reserve doing print and spend.”
Ryan warned “this is going to give us an inflation problem in the future” and “an interest rate problem in the future.”More>>
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6 comments:
Does he come to this conclusion after consulting with economic/fiscal experts on his staff or after consulting with the political winds?
give the money to the banks, and the bankers pay themselves big bonuses. They use it to gamble and run up the stock market.
The money never "trickles down" because people are not stupid. they look out for themselves
Look....just who in the hell is the Federal Reserve bank anyway. Who gave them permission to do this? I didn't see anything from congress authorizing it. I didn't see anything from the President or from the Senate. Just who is running this country? This is clearly evidence that the banks are running this country. Today diesel fuel prices jumped 10 cents a gallon. How do the majority of our products get to the shelves? Trucks. Trucks that run on diesel. Who will pay for this increase? You and I will. Are our paychecks going up to pay for this increase? NO. Many of us are lucky to have any income at all!
This 600 billion dollar cash infusion will soon become 1 trillion - plus interest. There is no way we will be able to service the interest on the debt this country will owe. You will soon see another BIG war that keeps the military industrial complex rolling. All of this while many of us have no jobs and depend more every day on the government to feed us. Just stand by as this nation continues to unravel.
10:51
President Woodrow Wilson sold out our Country in 1913. Congress illegally gave away its perogative to "coin money and regulate its value".
Money was always gold, silver, commodities of value meaning intrinsic value. The thing itself (money) had value inherently.
With fiat currency the money's value comes from the goverments guns to force all of us to accept it as legal tender. The Federal Reserve is a PRIVATE FOR-PROFIT bank connected to the Rothschild International Banking Cartel. The only countries who refused to go along with international banking is Iraq, Iran and North Korea. They are the axis of evil - just like during the Nazi Germany campaign.
The Federal Reserve is a part of our government. Get over it. They control monetary policy and help make our economy work better. They have our best interest at heart.
Some people just want to stir the conspiracy pot. Our President chooses the Chairman of the Fed Reserve
The Federal Reserve is a private for profit international bank who's owners have been kept a secret since its inception in 1913. Now that, my friend, is a FACT.
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