Earlier today, top Senate and House Republicans sent an heartfelt earnest plea to Federal Reserve chairman Ben Bernanke to please please please consider doing absolutely nothing to boost the U.S. economy or make any attempt to do anything that might accidentally foster job growth…
Even though the financial markets have been counting on the Federal Reserve to take action, Republican Congressional leadership sent a letter to the Federal Reserve chairman on Tuesday evening urging it not to engage in further stimulus…
"We have serious concerns that further intervention by the Federal Reserve could exacerbate current problems or further harm the U.S. economy," said the letter, signed by four of the top Republicans in Congress: Mitch McConnell of Kentucky, the Senate Republican leader; Jon Kyl of Arizona, the Senate Republican whip; House Speaker John Boehner of Ohio and House Majority Leader Eric Cantor of Virginia.
It's a really inspiring letter. I strongly recommend reading the whole thing. I'm pretty sure that school children will be memorizing it instead of the Gettysburg Address in future generations.
But, you know, that Bernanke guy's a well known treasonist, and you just can't argue with those people. So, he went ahead and announced that the Fed would be buying $400 billion in bonds and selling as much in debt. Which, I'm assuming means something to somebody because stuff happened…
The dollar rebounded against the euro and other major currencies Wednesday after the U.S. Federal Reserve announced new plans to help boost the American economy.
The central bank said it will buy long-term Treasurys and sell short-term securities to help spur growth. The plan could lower rates for mortgages as well as those for consumer and business loans. The plan was expected by investors.
Well, that sounds good so far, but it's still waaaaay to early to tell. Hopefully — and I know we're all really pulling for this — there won't be any significant long term economic or employment benefits to Bernanke's plan.
Nothing aggravates an already dismal national mood more so than having to wake up early on a Monday morning and go to work. Ugh!
Photo by Chip Somodevilla/Getty Images News/Getty Images
Tags: Ben Bernanke, Eric Cantor, Federal Reserve, House of Representatives, John Boehner, Jon Kyl, Mitch McConnell, Republicans, Senate, Stimulus, Unemployment