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Wednesday, September 21, 2011

Republican's Letter To Federal Reserve And The Far Left's Pathetic Desperate Attempts To Misrepresent It

Senator Mitch McConnell, Representative John Boehner, Senator Jon Kyl, and Representative Eric Cantor have sent a letter to Federal Reserve Chairman Ben Bernanke, telling him that additional monetary stimulus proposals should not be approved without "clear articulation of the goals of such a policy, direction for success, ample data proving a case for economic action and quantifiable benefits to the American people."

Members of the far left are ignoring what is in the letter itself, which I will show below and they are attempting to scare the American public with headlines like "GOP Leaders Write Unprecedented Letter Urging The Federal Reserve To Keep Unemployment High," or "GOP leaders to Fed: Let America suffer."

Lets take a look at what the letter really says, then compare it to the hyperbole and outright lies the left are trying to frame the debate with.

Dear Chairman Bernanke,

It is our understanding that the Board Members of the Federal Reserve will meet later this week to consider additional monetary stimulus proposals. We write to express our reservations about any such measures. Respectfully, we submit that the board should resist further extraordinary intervention in the U.S. economy, particularly without a clear articulation of the goals of such a policy, direction for success, ample data proving a case for economic action and quantifiable benefits to the American people.

It is not clear that the recent round of quantitative easing undertaken by the Federal Reserve has facilitated economic growth or reduced the unemployment rate. To the contrary, there has been significant concern expressed by Federal Reserve Board Members, academics, business leaders, Members of Congress and the public. Although the goal of quantitative easing was, in part, to stabilize the price level against deflationary fears, the Federal Reserve’s actions have likely led to more fluctuations and uncertainty in our already weak economy.

We have serious concerns that further intervention by the Federal Reserve could exacerbate current problems or further harm the U.S. economy. Such steps may erode the already weakened U.S. dollar or promote more borrowing by overleveraged consumers. To date, we have seen no evidence that further monetary stimulus will create jobs or provide a sustainable path towards economic recovery.

Ultimately, the American economy is driven by the confidence of consumers and investors and the innovations of its workers. The American people have reason to be skeptical of the Federal Reserve vastly increasing its role in the economy if measurable outcomes cannot be demonstrated.

We respectfully request that a copy of this letter be shared with each Member of the Board.

Emphasis mine.

In other words: Do not print more money unless you can prove it will benefit America instead of harming the economy and lowering the value of the dollar.

No where in the letter is it encouraging high unemployment, in fact, the letter clearly states that nothing should be done unless there evidence that it will help rather than harm.

No where in there has the GOP said to let the economy suffer either, instead they expressed concern that the last actions taken by the Fed contributed to the uncertainty in today's economy and may have done more harm than good.

This is how desperate and pathetic the far left has become where they are completely misrepresenting a stance clearly stated in the letter itself.

Do they have so little confidence in their readers and do they think their readership is too stupid to look at the letter for themselves and see the lies they are trying to force feed them?

Perhaps the reason for such desperation is the latest polls, such as the McClatchy-Marist poll, which shows that Obama is losing ground to Republicans.

By a margin of 49 percent to 36 percent, voters said they definitely plan to vote against Obama, according to the poll. Independents by 53 percent to 28 percent said they definitely plan to vote against him.

With that sentiment permeating the electorate a little more than a year before the general election, most Americans think Obama won't win a second term.

By 52 percent to 38 percent, voters think he'll lose to the Republican nominee, whoever that is. Even among Democrats, 31 percent think the Republican nominee will win.

I guess we can see why the far left hopes their audience only reads headlines.