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Thu Oct 8, 2015, 08:52 AM

Quote of the Day: "The Republican Party Left Me"

Source: Mother Jones

From former Fed chairman Ben Bernanke, in his new memoir, The Courage To Act:

I lost patience with Republicansí susceptibility to the know-nothing-ism of the far right. I didnít leave the Republican Party. I felt that the party left me.

This is, of course, a deliberate echo of Ronald Reagan's famous line about the Democratic Party leaving him. And it's hard to blame Bernanke. The know-nothing wing of the Republican Party rebelled against the TARP rescue package at the height of the economic meltdown. They howled that low interest rates would lead to imminent hyperinflation. They resolutely refused to consider fiscal stimulus despite Bernanke's repeated pleas (see helpful illustration below from 2011). They wanted to audit the Fed. They wanted to end the Fed. They wanted to put us back on the gold standard. When Bernanke told them that spending cuts would lead to higher unemployment, Rep. Kevin McCarthy refused to believe him. Now he's about to become Speaker of the House.



Read more: http://www.motherjones.com/kevin-drum/2015/10/quote-day-republican-party-left-me

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Reply Quote of the Day: "The Republican Party Left Me" (Original post)
Attorney in Texas Oct 2015 OP
pampango Oct 2015 #1
Gothmog Oct 2015 #2

Response to Attorney in Texas (Original post)

Thu Oct 8, 2015, 09:15 AM

1. "I lost patience with Republicansí susceptibility to the know-nothing-ism of the far right."

The know-nothing wing of the Republican Party rebelled against the TARP rescue package at the height of the economic meltdown. They howled that low interest rates would lead to imminent hyperinflation. They resolutely refused to consider fiscal stimulus despite Bernanke's repeated pleas (see helpful illustration below from 2011). They wanted to audit the Fed. They wanted to end the Fed. They wanted to put us back on the gold standard. When Bernanke told them that spending cuts would lead to higher unemployment, Rep. Kevin McCarthy refused to believe him. Now he's about to become Speaker of the House.

Nice find, Attorney in Texas. Unfortunately, the 'know-nothing-ism' of the republican party does not start or end with fiscal and monetary policy.

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Response to Attorney in Texas (Original post)

Thu Oct 8, 2015, 09:23 AM

2. Ben Bernacke is correct about the GOP

The GOP no longer believes in economics or the real world

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