You Know It's Bad When Even the Village Idiot Can Puzzle Out the Dirty Fed



I've been avoiding writing about this for the last two days but I can avoid it no longer. Sarah Palin is probably the least qualified person I can think of to ruminate on the evils of the Federal Reserve (ok, second least, Obama has her beat in this market) and please understand that it absolutely kills me to say this but her speechwriters have obviously been reading their doomsday financial blogs because, well, she's right. Yeah I said it. She still makes the bile rise in my throat and I would rather have a fingernails scrape down a chalkboard that's shoved directly up my ass than see her hold any office of authority in this country but damnit, she got it:
I’m deeply concerned about the Federal Reserve’s plans to buy up anywhere from $600 billion to as much as $1 trillion of government securities. The technical term for it is “quantitative easing.” It means our government is pumping money into the banking system by buying up treasury bonds. And where, you may ask, are we getting the money to pay for all this? We’re printing it out of thin air.

The Fed hopes doing this may buy us a little temporary economic growth by supplying banks with extra cash which they could then lend out to businesses. But it’s far from certain this will even work. After all, the problem isn’t that banks don’t have enough cash on hand – it’s that they don’t want to lend it out, because they don’t trust the current economic climate.

And if it doesn’t work, what do we do then? Print even more money? What’s the end game here? Where will all this money printing on an unprecedented scale take us? Do we have any guarantees that QE2 won’t be followed by QE3, 4, and 5, until eventually – inevitably – no one will want to buy our debt anymore? What happens if the Fed becomes not just the buyer of last resort, but the buyer of only resort?
Or as WC Varones so brilliantly said, "I can see Zimbabwe from my house!"

Please, Sarah, for the love of all that is sacred and holy, we know you love attaching yourself to everyone else's campaign but please PLEASE leave this one to those more qualified to make these statements. I'll go ahead and say it: you're perceived as a joke by anyone outside of your bizarre hardcore fanbase. The very last thing the End the Fed campaign needs is your endorsement. Seriously.

What does this mean? It means that the Fed is so obvious that anyone with 1/4 of a brain (or equally intellectually-equipped speechwriters) can see how fucked up they are. And if Sarah Palin can easily see the consequences of QE 2, why in the hell is it beyond the All-Seeing Bernanke to do the same?

Strange times, kids, strange times.

Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.

7 comments:

elf2006real said...

Someone as skeptical as you should not have bought the MSM and "Intellectuals"* line of shit on Sarah Palin being a ditz. Why? Cuz the "bitch" (that's your words dear) didn't go to Harvard and doesn't talk hipster snark?

Qualifications=Ivy League.

Look at her actual resume. Not what the MSM put out.


*Intellectuals = the eternal race of whores. H/T to Mencius Moldbug.

elf2006real said...

Every "idiot" has puzzled out we have a dirty Fed.

Come on, elf, you have to admit that there's something to be said for the Ivy League. Or going to any college.

Maybe the problem with her "actual" academic record is that she couldn't seem to finish. Five years, five schools.

Oh well, it seems to have prepared her to be governor. Well, until she dropped out of that, too.

Bullshit, I don't buy into the whole Ivy League load, look at Obama, the fucker is allegedly edumacated and doesn't even know what the Dirty Fed's job is. So no, that's not it.

It is the way she conducts herself (refudiate? or how about deleting WSJ reporter Sudeep Reddy's comments off of her Facebook page? Tacky, not necessarily stupid) that irks me. That down-home country girl act is old. Maybe it works for her fan boys but I just don't get it.

You should know me better than that, Elf. I don't eat up MSM garbage, I go with my gut instinct first.

And you are right, any idiot can figure out how dirty the Fed is... this idiot you are talking to did and look, even made a career out of it. Iddin't that cuuute?

Damn it. Forgot to cite my source on Palin's college career. Bloomberg, those MSM bastards.

Pretty basic step in this media gig.

Worse. "I went to college!" h/t Sheldon J. Plankton

Joe Kristan said...

You only hate on her because you find your real feelings disturbing, JDA. Let it happen... you know you want to!

And switching colleges? That's a sign of normal to me (3 colleges, six years, thank you very much).

Anonymous said...

She's an EGILLOW: Ex-Governor I'd Love to Lez Off With.