From today’s NYT, read it and weep:
Other Republicans cautioned that an expansion of the Fed’s existing efforts could deepen the nation’s financial challenges by postponing a necessary reckoning and eventually accelerating the pace of inflation.
Democrats made no similar effort to convince Mr. Bernanke that he should take additional action. They congratulated the Fed chairman in the manner of people confident that they are speaking with an ally.
“I want to thank you for your steadfast commitment to taking action as you deem appropriate,” said Representative Michael E. Capuano, Democrat of Massachusetts. “Thank you for not giving up.”
Representative John Carney, Democrat of Delaware, went one step further.
“The Fed is doing everything it can to address the unemployment part of your mandate, is that correct?” he asked Mr. Bernanke.
Mr. Bernanke, momentarily startled, responded that the Fed could do more, and was considering whether it should.
Sometimes I don’t know whether to laugh or cry. But there can no longer be any doubt that I was right all along. The GOP is evil, the Dems are morons, and the public is screwed.
PS. Love the “momentarily startled” line. Can you even imagine what Bernanke is thinking when he testifies in front of those people?
PPS. How may more years do we have to wait for that “necessary reckoning?”
PPPS. The NYT piece is entitled “House Members Press Bernanke to Shun Further Action.” I’m picturing an equivalent headline in 1896: “William Jennings Bryan Encourages Government to Avoid Removing Workingmen From Cross of Gold Until Necessary Reckoning Is Accomplished.”
HT: Christopher Mahoney.