My Congresscritter, Paul Ryan, realized the Federal Reserve is playing a very dangerous game with the money printing press. While he still hasn’t quite made the connection to the bailout-palooza he supported, those smarter than I predicted the dire consequences, including flooding the economy with money (which is, by its nature, inflationary) and the potential for “monetizing” the federal debt, back when the original bailout was only being talked about.
Given his closing:
“I don’t believe we are heading down this path. But we do need to be careful not to mistake the unique policies the Fed is pursuing now in reaction to the current crisis as a viable template for securing long-term economic growth and fiscal sustainability.”
I don’t think he yet gets that the Fed is well on the path past the point of no return.
Umnnnhhh…Ryan thinks that the Fed can ‘walk back’ its own asset bubble, which actually MAY be true, if they can dispose of the toxic-waste loan portfolios they picked up AND do it in the nick of time.
Anything’s possible, I suppose.