The Silver Lining in the Fed’s $600 Billion Decision
A good article from Ryan Streeter
The Federal Reserve’s recent decision to buy $600 billion in bonds—another example of the mysteriously named “quantitative easing”—may have the unintended effect of solidifying GOP policy makers behind an economic growth agenda. House GOP Conference Chairman Mike Pence immediately issued a release, as did Republican Study Committee Chairman Tom Price, claiming that the decision was the wrong thing for America. It would devalue the dollar, retard growth, and make us less competitive overall. In an unanticipated development, Sarah Palin burst onto the scene decrying the decision, earning the praise of the Wall Street Journal’s editorial board this morning for her articulate encapsulation of the problem. Palin pointed out that American households will pay more for basics such as food and oil as a result of the Fed’s decision, which—to paraphrase her—will end up working against any recognizable set of economic growth policies.