Entries in Federal Reserve (7)


Paul Ryan Follows Romney’s Lead on QE3 ‘Sugar-High Economics’

Tom Williams/CQ Roll Call(HARRISONBURG, Va.) -- Rep. Paul Ryan Friday joined his presidential running mate in calling the Federal Reserve’s new economic stimulus effort “sugar-high economics.”

“What they say is they don’t think our economic growth is quote, 'strong enough' to feel sustained job creation,” Ryan told a rally of about 3,000 people here. “Look, sugar-high economics is no substitute for pro-growth economics. What we don’t need is more money-printing. What we need is more wealth creation, job creation and risk taking.”

The House Budget chairman said “we need honest money. We need sound money. We need economic growth and the foundations for economic growth.”

Romney used similar language Friday when criticizing the Federal Reserve, also calling its actions a “sugar high.”

The Federal Reserve Thursday announced its third quantitative-easing program in less than three years

Ryan started his rally on a somber note, leading a moment of silence for the four Americans killed Tuesday when the U.S. Embassy in Libya was attacked.

“We just moments ago witnessed and watched the bodies of the four slain diplomats arrive at Andrews Air Force Base from Libya,” Ryan said, before asking for a moment of silence for Ambassador Christopher Stevens, Sean Smith, Glen Doherty and Tyrone Woods.

Ryan delayed the event because the four bodies were returning to the United States in a ceremony at which Secretary of State Hillary Clinton and President Obama spoke.

Romney also started his rally in Ohio late to watch the ceremony.

Against a backdrop of a huge U.S. flag and rolling green hills, the vice presidential nominee tried to connect with the voters in this conservative part of the crucial battleground state.

“This is one of the most beautiful parts of the country,” Ryan said, using a technique he employs at most stops on the campaign trail. “I have canoed this area, I have fished this area, I have backpacked this area, and my phone has blaze orange and camouflage. It’s a reminder that deer season is right around the corner. I’ve hunted some good deer in Virginia here, too.”

The Wisconsin congressman mentions a personal detail about the town or state he’s visiting at almost every stop on the campaign, something to which the crowds almost always respond.

Historically, Virginia voted Democratic (traditional Southern Democratic, that is) until 1952, when the state turned Republican for presidential elections. In those 60 years, there have been just two exceptions: Lyndon Johnson’s landslide in 1964 and Obama carried the state 53 percent to 46 percent in 2008 over John McCain.

Ryan will continue campaigning in Virginia Friday with a fundraiser in Roanoke.

Copyright 2012 ABC News Radio


Ron Paul Blasts the Fed, Says Super Committee Will Be a Failure

Scott Olson/Getty Images(WASHINGTON) -- Ron Paul upped his rhetoric against the Federal Reserve on Wednesday, calling it the facilitator of big government and overspending.

Paul traced many of the budget issues plaguing the federal government to the Fed’s determination to pump money into system.  That oversupply of money creates what he calls a growing bureaucracy that is unsustainable, he said, adding that he believes the additional money also dilutes the value of the dollar.

During a speech to the CATO Institute’s Monetary Policy Conference in Washington, D.C., Paul saved special rebuke for the Congressional Super Committee, calling the committee’s $1.2 trillion in mandated cuts “puny.”

He said Congressional Republicans are obsessed with wars and Democrats spend recklessly, and predicted that in the end, the committee will fail to reduce significant spending.

“Politicians are fiddling around the edges as the country burns,” said Paul.

Copyright 2011 ABC News Radio


Rick Perry Hits Bernanke and Fed; Talks Immigration, Border Security

Justin Sullivan/Getty Images(WASHINGTON) -- Rick Perry touched on many of his trouble issues in an interview with CNBC Thursday morning, as he attempted to fine-tune his message on immigration and border security, clarify his stance on Social Security, and explain his views on the Federal Reserve and Ben Bernanke, who he openly criticized in the first days of his campaign.

In the wide ranging interview, Perry said he would not reappoint Chairman Ben Bernanke, and sent a message to the Fed to stop conducting bad policy. “I think the statements towards Chairman Bernanke need to be very clear to him that making monetary policy to cover up bad fiscal policy is bad public policy, and that’s what we’re seeing a Fed that is getting involved in things that frankly it does not need to be involved with so printing more money doesn’t do anything at this particular juncture but to make the dollars in our pocket worth less money,” Perry said in an interview on Squawk Box.  

In August, Perry exposed his distaste for Bernanke and the Fed’s monetary policy, suggesting that printing more money would be "almost treasonous."

“If this guy prints more money between now and the election,” Perry said at a house party in Cedar Rapids, Iowa in August, “I don’t know what y’all would do to him in Iowa, but we -- we would treat him pretty ugly down in Texas.  Printing more money to play politics at this particular time in American history is almost treacherous -- or treasonous in my opinion.”

The Texas governor offered a tip to the federal government on how to better help governors do their jobs -- strengthen border security.

“One of the things I wish the federal government would do, that a lot of problems that we have to deal with as governors would go away if they would secure the border of this country with Mexico.  We’re having to deal with the results of a federal government that has failed in their duty.”

Perry suggested the federal government is to blame for creating new issues for states to deal with, such as determining whether states should offer in-state tuition rates for illegal immigrants, due to poor border security.

“In Texas, and it’s a sovereign state issue, we decided it was better because the federal government forcing us to take care of these individuals and the federal government is who allowed them to come in with their lack of security," he said.  "We have to make decisions on how to deal with that in Texas.  We thought in 2001 it was the best interest of our state to have those young people educated rather than kicking them to the curb and not allowing them to be educated and then having to pay for them in some other form with government programs or what have you.  But how to cure that is for the federal government to secure that border.”

On Social Security, the Texas Governor repeated his assurances that the entitlement program will exist for those nearing retirement age but needs reform for younger generations.  But the Texas governor also went as far as suggesting the current system goes beyond the intent of the Founding Fathers.

“What we talked about in the book [Fed Up!] was that this was one of many places where the bureaucrats in Washington, D.C. or Congress or President of the United States went well outside our Founding Fathers,” Perry said.  “But look, Social Security is in place, that program is going to be there, it’s just got to be transformed, and that’s what we’re talking about doing.”

Copyright 2011 ABC News Radio


Ron Paul Opens New Hampshire Headquarters; Credits Jon Stewart

Jason Merritt/Getty Images(CONCORD, N.H.) -- Rep. Ron Paul, R-Texas, opened the doors of his New Hampshire campaign office Wednesday night at an event that attracted hundreds of his supporters.

Paul took the opportunity to poke fun at his home state Gov. Rick Perry for his over-the-top criticism of the Federal Reserve -- Paul's bread and butter issue.

"Now they have this other governor, I can't remember his name," Paul said.  "He realizes that talking about the Fed is good, too.  But I'll tell you what, he makes me sound like a moderate.  I have never once said Bernanke has committed treason.  But I have suggested very strongly that the Federal Reserve system and all the members have been counterfeiters for a long time.

Paul was referring to a comment Perry made this past weekend suggesting Federal Reserve Chair Ben Bernanke could be committing treason if he printed more money before the 2012 elections.  Criticizing the Federal Reserve has been a long time issue for Paul, the author of End the Fed.

Paul also took shots at the media, who was widely criticized for ignoring his strong second-place showing in the Ames Straw Poll.

“We did have a rough and tumble on the media over the weekend, but I think this has made up for it,“ he said, referring to the more than 400 people that showed up at the event according to ABC News affiliate WMUR-TV in Manchester.

"The media coverage on Sunday morning was less than perfect for us," he said.

Paul added it was Jon Stewart who came to his defense.

"Then there's this guy on the Comedy Central or something, Jon Stewart, I think I've been on his program once or twice and I think he's thinking about getting me on again.  Isn’t it great that somebody like that comes to defend us,” Paul said.

Paul announced on ABC’s Good Morning America his candidacy for president in New Hampshire and then held his first campaign event in Exeter back in May.  But since then, the congressman has sparingly visited the state.  The last campaign trip to New Hampshire was back in mid July.

The state is an essential part of Paul's media strategy, as he has invested heavily in television and radio advertising.  Just this past week, the campaign rolled out its second TV ad titled “The One,” which is playing in both New Hampshire and Iowa.

Copyright 2011 ABC News Radio


Rick Perry Accuses White House of Lecturing Him

Justin Sullivan/Getty Images(BEDFORD, N.H.) -- On his first stop as a presidential candidate in the state that holds the nation’s earliest presidential primary, Rick Perry responded to President Obama’s criticism of the Texas governor’s assertion that Fed Chairman Ben Bernanke’s actions border on treason.

“The president said I needed to watch what I say,” Perry said. “I just want to respond back if I may. Mr. President, actions speak louder than words. My actions as governor are helping create jobs in this country. The president’s actions are killing jobs in this country. It’s time to get America working again.”

When a member of the audience asked Perry a question about the Federal Reserve, Perry began his answer by saying: “I got in trouble talking about the Federal Reserve yesterday. I got lectured about that yesterday.”

"When you're president or you're running for president you have to think about what you're saying because your words have greater impact,” White House Press Secretary Jay Carney said of Perry’s remark that if Fed Chairman Ben Bernanke were to print more money between now and the election it would be “almost treasonous.”

Carney added, “President Obama and we take the independence of the Federal Reserve very seriously and certainly think threatening the Fed chairman is probably not a good idea."

Perry addressed the White House criticism Wednesday morning to an audience of New Hampshire’s political leaders.

At the outset of a two-day campaign swing, the Texas governor also challenged those (he referred to “some people on the left”) who seek to “dismiss” his record of job creation in Texas -- and slammed President Obama's recent claim he turned the economy around but "a run of bad luck" derailed the recovery.

“Just luck?” Perry asked. “Well, Mr. President, America’ crisis is not bad luck, it’s bad policies from Washington, D.C.”

Copyright 2011 ABC News Radio


White House to Rick Perry: 'Threatening' Bernanke 'Not a Good Idea'

Chip Somodevilla/Getty Images(WASHINGTON) -- White House press secretary Jay Carney was asked Tuesday about comments made by Republican presidential candidate Gov. Rick Perry of Texas.

Perry on Monday at a local Republican Party event said of Federal Reserve Chairman Ben Bernanke, “If this guy prints more money between now and the election, I don’t know what y’all would do to him in Iowa, but we -- we would treat him pretty ugly down in Texas. Printing more money to play politics at this particular time in American history is almost treacherous -- or treasonous in my opinion.”

The White House spokesman said, "When you're president or you're running for president you have to think about what you're saying because your words have greater impact. President Obama and we take the independence of the Federal Reserve very seriously and certainly think threatening the Fed chairman is probably not a good idea."

A Perry campaign spokesman, Ray Sullivan, responded Tuesday morning to the Texas governor’s comments the previous night that if Bernanke were to print more money between now and the election it would be “almost treasonous” and that things could get “ugly” for him.

“The governor is passionate about reducing federal spending and moving towards a balanced budget as quickly as possible. He does not believe that printing more money is the answer to our economic problems,” Sullivan told a gaggle of reporters at Perry’s first campaign stop of the day.

He repeated, “The governor was passionate and energized by a full day of the Iowa State Fair, public events and interacting with the people of Iowa. And it was a way for him to talk about his concerns about the federal budget and his strong belief that printing more money is not the solution.”

A reporter pressed Sullivan on whether Perry’s words were perhaps too harsh.

“I think you’ll just have to listen to what the governor says every day,” Sullivan said. “The message is certainly going to evolve and be responsive to the news of the day. Just keep watching.”

Copyright 2011 ABC News Radio


More Harm than Good: Republican Leaders Voice Fears Over Fed Plan

Photo Courtesy - Getty Images(WASHINGTON) -- Republican leaders in the House and Senate Wednesday voiced concerns about the Federal Reserve’s new $600-billion monetary stimulus plan, known as “QE2”, short for “quantitative easing.”

In a letter to Fed chairman Ben Bernanke, top Senate Republicans Mitch McConnell and Jon Kyl and top House Republicans John Boehner and Eric Cantor said the plan creates “significant uncertainty” about the strength of the dollar, “impairs U.S. trade relations,” and “erodes confidence in the economic outlook.”

“While intended to improve the short-term growth of the U.S. economy and help maintain a stable price level, such a measure introduces significant uncertainty regarding the future strength of the dollar and could result both in hard-to-control, long-term inflation and potentially generate artificial asset bubbles that could cause further economic disruptions,” the GOP lawmakers wrote to Bernanke.

Noting that the plan has already “generated increased criticism and action from other central banks and governments,” the lawmakers warned, “any action taken by our nation or foreign nations that impairs U.S. trade relations at a time when we should be fighting global trade protection measures will only further harm the global economy and could delay recovery in the United States.”

The GOP lawmakers are only the latest in a growing chorus of criticism against the central bank’s program. Countries such as China and Russia initially voiced concerns about the plan, followed swiftly by a wide range of Republicans.

Bernanke recently made the case for the program in an opinion piece published in the Washington Post, explaining that the new money -- injected into the economy through a program which will buy up Treasury bonds during the next eight months -- can reduce borrowing costs for American consumers and businesses, while also lowering interest payments for people and businesses with lots of money in savings. The Fed boss deflected fears that the plan would result in higher inflation as “overstated.”

Copyright 2010 ABC News Radio

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