That's the headline at, of places, the WSJ. But they've now changed it to GOP Leaders Urge Fed Not to Intervene in Economy. Still, one more notch in the evil Republican column.
This wouldn't be so bad if the Republicans couldn't veto Fed appointments.
Update #1: Scott Sumner comments:
I think Congressmen have the right to speak out on monetary policy. As long as their advice is not politically motivated. Ask yourself the following question: Would these men be pressuring the Fed to adopt a tighter monetary policy if:
1. Unemployment were over 9%.
2. Inflation had averaged 1% over the past three years.
3. George Bush were president.
Were these men criticizing monetary policy under Bush, when inflation was higher than today? I don’t recall that happening.
Unlike Rick Perry, I don’t think it is treasonous to advocate easy money or tight money. Treason is advocating policies that you know will hurt the country, because you hope you can derive political gain from America’s misfortune. I’ll leave it to my readers to decide who should be charged with treason.
PS. This was especially ironic:
The letter expressed serious concerns that the Fed’s actions could weaken the foreign exchange value of the dollar or encourage excess borrowing by consumers who are already carrying too much debt.
Does anyone recall what happened to the dollar under Bush?
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