Rick Perry: It Would Be 'Almost Treasonous' For Ben Bernanke To Print More Money Before Election

[onehandle]

Source: Huffington Post

Texas Governor Rick Perry, who recently announced that he is running for president in 2012, had some harsh words for Federal Reserve Chairman Ben Bernanke on Monday.

ThinkProgress has video of Perry in Iowa explaining that if Bernanke "prints more money between now and the election, I don't know what y'all would do to him in Iowa, but we would treat him pretty ugly down in Texas." Perry went on to say that if Bernanke printed more money, the act would be "almost treasonous in my opinion."

snip...

Politico reports that NYU economics professor Nouriel Roubini tweeted of Perry's comments: "Perry's Remarks on Bernanke are criminal. This Texan thug is making murder threats on the Fed Chairman."

Tony Fratto, who served as Deputy Press Secretary to former President George W. Bush, also criticized Perry's comments. Fratto tweeted: "Gov. Perry's comments about Chmn. Bernanke are inappropriate and unpresidential."

Read more: http://www.huffingtonpost.com/2011/08/16/rick-perry-ben-bernanke_n_927829.html

---

File Photo of Rick Perry:

[Richardo]

1. God I miss the faux-macho petulant tough-talk with-us-or-agin-us posturing we used to have in the WH

What a delightful blast from the past.

[polmaven]

2. Unlike being fully treasonous

to express a desire to secede from the country altogether.

[No Elephants]

3. Said the treasonous secessionist.

His toupee is on too tight.

[Overseas]

23. +1

[the_chinuk]

4. Exactly! I should depend on THIS schmoe to tell me what's treasonous or not? k/r n/t

[Kolesar]

5. Federal Reserve Chairman Ben Bernanke is not "printing money" you dumbass...eom

[naaman fletcher]

26. Sure he is

Or, it is the equivalent of it. He printed 2 trillion dollars... and gave it to the banks. Why Democrats support this I have no idea. Here's what Taibbi had to say about it:

http://www.rollingstone.com/politics/blogs/taibblog/rick-perry-vs-ben-bernanke-round-one-20110816

For those who don’t remember QE, this is a magical money-printing program the Fed has been using two years in a row to artificially prop up the economy (well, parts of it, anyway). “Helicopter Ben” Bernanke has printed a couple of trillion dollars, just waved a wand and invented them, then used those funds to buy things like mortgages and t-bills.

That this is a terrible idea ought to be self-evident. The irritating thing is that this ought naturally to be a campaign issue for progressives, because the most direct consequence of QE is to magnify the income inequality problem, as this study of the British version of QE (decried by our witty friends at Zero Hedge as the winner of the “real men of captain obvious genius award”) concluded. The study by Dhaval Joseph of BCA research concluded that QE might have been a factor leading to the British riots.

The reason QE is “good for the rich and bad for the poor” is obvious: by pouring trillions in jet-fuel cash into the inequity engine that is the banking sector, we’ve seen massive increases in share prices and corporate profits, without any resulting increases in wages. As the Joseph study concludes:

Real wages – adjusted for inflation – have fallen in both the US and UK, where QE has been a key tool for boosting growth. In Germany, meanwhile, where there has been no quantitative easing, real wages have risen.

[Kolesar]

27. JJ Lando a bond trader at Goldman Sachs has eloquently described QE:

“In QE, aside from its usual record keeping activities, the Fed converts overnight reserves into treasuries, forcing the private sector out of its savings and into cash. This is just a large-scale version of the coupon-passes it needed to do all along. Again, they force people out of treasuries and into cash and reserves.”

http://pragcap.com/quantitative-easing-the-greatest-monetary-non-event

Some investors prefer to call it “money printing” or “stimulative monetary policy”. Both are misleading and the latter is particularly misleading in the current market environment. First of all, the Fed doesn’t actually “print” anything when it initiates its QE policy. The Fed simply electronically swaps an asset with the private sector. In most cases it swaps deposits with an interest bearing asset. They’re not “printing money” or dropping money from helicopters as many economists and pundits would have you believe. It is merely an asset swap.

[naaman fletcher]

28. If that is all it is,

I'd love to know what the purpose of it is. Printing money (yes, i know its all done electronically) would have a purpose, and would jive with Bernanke's academic record as to what should be done in this circumstance. What' the point of your asset swap?

[AlbertCat]

6. we would treat him pretty ugly down in Texas

I'm sure. ... TX being one of the ugliest, crappiest, low-standard states in the union.


We need to associate Rick Perry with:

RACE TO THE BOTTOM

[cstanleytech]

7. We should believe Rick people.

He does have experience on whats "almost Treasonous" after all especially since he himself said "We've got a great union. There's absolutely no reason to dissolve it. But if Washington continues to thumb their nose at the American people, you know, who knows what might come out of that."

[AlmostUlyanov]

8. "Treasonous" appears to be

anythiung that Republicans disagree with.

[6000eliot]

16. And, ironically, it seems to be the only thing they know how to do!

[Jokerman]

9. K & R for the "File Photo of Rick Perry" & the story.

[Major Hogwash]

10. Perry was the Governor who preached about seceeding from the Union!!

Gosh, he is the one who sounds treasonous.

[Raschel]

19. Speaking of preaching, didn't he just have a prayer meeting? And now he brags about treating people

ugly?

[Javaman]

11. Ah yet another gem out of the mouth of a texas moron. nt

[Mosaic]

12. Rick "The Joke" Perry

Will be a barrel of laughs as he stumbles his way to oblivion. I don't think he'll even be the thug's nominee at this point.

[cstanleytech]

13. That would be the perfect nickname if he because a professional *snort* *chuckle* wrestler.

[Old Codger]

14. I may be mistaken

But from memory of things that FDR did during the other depression he threatened the rich that if they did not start spending their money he would print more and more and devalue the dollar.

[placton]

15. and Rick Perry?

he KNOWS what treasonous is - 2 calls to secede in the last few years

[BlueMTexpat]

21. My reaction exactly.

All these Rethugs know how to do is to project their own flaws on anyone and everyone who dares to disagree with them.

[Yavin4]

17. That's Not Going to Go Over Well With Wall Street Bankers

and establishment Republicans. Expect to see a walk back of that statement soon.

[Raschel]

18. "I don't know what y'all would DO to him in Iowa"...Do? Is that implying physically?

[dmosh42]

20. Good to see these wackjobs getting exposure!

[Odin2005]

22. Sez the Secessionist!

[KansDem]

24. Why do right-wing rubes have trouble with adjectives and adverbs?

It's "Democratic Party" not "Democrat Party" and "We would treat him pretty uglily down in Texas" not "We would treat him pretty ugly down in Texas"

Keep "austerity" out of the English language!

[ProfessionalLeftist]

25. Uh-huh. And suggesting secession isn't? Hypocrite, much?

You know I'm not religious but I've about decided that if there IS a "SATAN" - Rick Perry is him.

[Ter]

29. The Federal Reserve itself is treasonous

Time to go back to a National Bank.

[Tiggeroshii]

30. And making threats to the sitting chariman of the Federal Reserve?

What's that? Just a fun thing to say?