The Perry Panic

During an intensifying global financial crisis, it is jarring to see Rick Perry threatening Ben Bernanke, warning him to let it burn. Fortunately, the Fed has been ignoring Perry’s “sage” advice.

Nevertheless, Bernanke has been tacking in Perry’s direction, commenting on the limitations of monetary policy, how there is only so much the Fed can do, that Congress and the President need to step up, etc. So, the markets see the Perry “let it burn” policy gaining traction, and they don’t like it one bit.

Is Perry trying to crash the stock market and throw the economy into recession so that Obama will take the blame in next year’s election? Probably. Or maybe he is just trying to horn-in on Ron Paul’s increasingly popular “Fed stalker” shtick.

But did the Fed offshore 50,000 factories and millions of jobs? Did the Fed import millions of immigrants?

No, it did not.

Both Ron Paul and Rick “Free College Education for Illegal Immigrants” Perry are shilling for the globalist agenda of “wide open borders leads to prosperity”, when in reality it has created poverty of historic proportions for the USA. Attacking the Fed is a diversionary tactic to keep the real issues out of the presidential race.

It is understandable that Bernanke wants to keep his job, and needs to placate Perry. But the markets don’t want to hear that. The markets want to hear that Bernanke is doing everything in his power to prevent the chaos in Europe from spreading here. Bernanke’s attitude must be: “We prevented your bank account from being zero-ed out in 2008, and we are doing so again now.” There just isn’t any room for even small chinks in that attitude.

The markets hang on the Fed Chairman’s every word, and they are worried that he is considering joining “Team Let it Burn”.

Short of nuclear war, I can’t think of a better method of engineering a market crash.

This entry was posted on Saturday, October 1st, 2011 at 11:41 am and is filed under Politics. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.