I tried to watch the video of Fed Chairman Bernanke’s testimony today. I got as far as the first 32 minutes. At that point I lost interest when my passions got the better of me and I was distracted by the disgraceful comments of Chairman Brady. I can’t find a transcript and so I have to go by recollection to pass on the meaning of what he said. It went something like this (if you want to watch, you can find the video here, and the exchange starts around 31:00):
1) The first issue he mentioned was the certain future of loss of revenue the Fed pays to the Treasury
2) The second was wrapped around some grandstanding about easing, but the gist of it was that the Fed should stop easing to put the onus on the President and Democrats to address the monstrosity of Obama Care and tax and spending policy.
Basically, point two says that all the unemployed people have to suffer until the President does what Republicans want; the longer they wait, the more we have to suffer.
This is exactly why I am no longer a Republican. This Brady guy who obviously has no idea how tight money has been, what kind of desperation affected people have been living through, and cares little about how many people are robbed of self-sufficiency just to score political points disgusts me to the core. I hate ObamaCare probably more than he does, but I refuse to agree with deploying financial warfare on the populace over it. It’s disgraceful and evil. He should resign or be forced out. We do not need people like him in government.