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1 comment:
Monetary policy is set by the non-partisan Fed, not Bush or any other Republican. This is evidenced by Greenspan's (who hand-picked Bernanke) declaration that Clinton was his most admired President.
A weak dollar does affect oil prices, but a loose monetary policy also keeps interest rates low. This helps those struggling with mortgage issues to keep their homes. In effect, lower interest rates have benefited credit card holders and those in adjustable rate mortgages, while passing the pain to the broader market. This is what many government officials have proposed, but by using tax increases.
This is a much better solution as taxes won't easily come down, the way oil prices eventually will.
The Fed is damned if it does and damned if it doesn't. If they had not lowered rates, the cry would be that they were keeping rates high while making people homeless. They have made the best decision possible given market forces that were completely out of their control.
Nevertheless, they are neither Republican or Democrat. A point that may well be celebrated! Just as Democrats shouldn't be accused of causing high oil prices due to loose monetary policy, neither should the Republicans.
We should quit playing the blame game and start working together to get something done, especially in Utah.
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