JimofPennsylvan
Platinum Member
- Jun 6, 2007
- 862
- 506
- 910
Apparently, the committee hearing is supposed to begin next week on the Janet Yellen confirmation for Chairperson of the Federal Reserve Board. I cannot believe and it is off the charts stupid what Senator Lindsey Graham and Senator John McCain are planning to do with their plan which this description may not be exactly accurate but I believe a fair characterization is that they are planning to filibuster the vote on her confirmation requiring Democrats to get sixty Senate votes to get her confirmed. Sen. Graham's and Sen. McCain's cause is completely legitimate their congressional oversight committee should be permitted to fully question every State Department and federal employee that was in that Benghazi consulate on that fateful day when Ambassador Stevens and three Americans were killed for heavens sake it is congressional committees duty to find out what fully happened when a consulate is breached and its personnel killed. The problem is that this confirmation is not the right forum for this fight this confirmation is really critical for the nation from an economy standpoint and Sens. Graham and McCain are going to divert precious public attention they are going to suck up all the public attention air with the public focusing on Benghazi because what their doing when they should be focusing like a laser beam on whether or not this person should get this critically important job!
This linking of Benghazi to the confirmation of Janet Yellin as Fed Chair is a disaster because this women holds very dangerous values. She holds the values that it is okay for the Federal Reserve Bank to spend almost a trillion dollars a year buying Treasury and Mortgage bonds to drive down interest rates so that it meaningfully spurs job creation to make up for Washington's dysfunction in not being able to pass legislation to create the number of jobs the nation needs, and negative consequences are acceptable such as asset bubbles of any proportion that form in equity and real estate markets and devaluation of the U.S. dollar that results from implementing such policy. Janet Yellen and any other person that holds these values are good human beings from the standpoint this job creation goal is a completely good and admirable goal and it is not the writers goal here to impugn anyone's character. But being prepared to incur the collateral damage that this highly accommodative monetary policy brings is alarming and completely irresponsible. Such a person is an unacceptable candidate as Fed. Chair. he or she with these values can readily cause an economic catastrophe.
Look what is going on with these values today with this $85 billion dollar a month Fed bond buying program. America has its broadest fundamental stock index, the S&P 500, up twenty-three percent this year where earnings will only be up two and a half percent on average for the corporations in this index. You have a sea of financial experts saying the only reason this disconnected rise in stock prices is occurring is because of the Fed bond buying program. America has an abundance of financial advisors telling people buy into the market the consensus amongst experts is the Fed will continue its bond buying program until at least until March of 2014 so their is smooth sailing ahead for stock markets rising. Now if the Senate puts Ms. Yelllen with her monetary easing values in the Fed Chair let us be honest there is a good chance the bond buying program will continue past March and America can be certain it will see more of this program if job creation limps along at its current pace or worse which it almost certainly because Washington is dysfunctional. All Americans concerned about the country's economy should be asking him or herself how does this story end what are the ultimate effects of the bond buying program on the U.S. economy?
I would like every U.S. Senator that is prepared to vote for this confirmation of Ms. Yellen to make a video and make it available on their websites explaining to their constituents how they see the use of this bond buying program tool ending for America, if they think it is going to end good go on the record and say it but just tell the truth, just tell the truth! I want to see these Senators if they have conscience which must lead them to conclude this could end up bad for the country explain how they justify their vote, explain how they could vote for the implementation of policies that will bring an historic stock market crash on the nation that will dramatically hurt retirement savings, non-retirement savings resulting in consumer spending cuts, pension funds resulting in increased taxes and local government cuts and corporate balance sheets resulting in layoffs and business spending cuts; actually probably bringing on a recession! Filling this Fed Chair job for the country right now is so important that at least it deserve this from Senators that are going to fill that job!
Republican and Democrat Senators need to convince Sens. Graham and McCain to table this Benghazi witness condition to a Yellen vote. The American people need to learn Ms. Janet Yellin's values on all the major issues the Federal Reserve Board will be dealing with over the next four years and they need to examine her skill set from the standpoint can she be the public face for the Fed that will give the needed confidence to the investment and business community in America that will keep the U.S. economy its financial markets and all other major parts on the right path!
This linking of Benghazi to the confirmation of Janet Yellin as Fed Chair is a disaster because this women holds very dangerous values. She holds the values that it is okay for the Federal Reserve Bank to spend almost a trillion dollars a year buying Treasury and Mortgage bonds to drive down interest rates so that it meaningfully spurs job creation to make up for Washington's dysfunction in not being able to pass legislation to create the number of jobs the nation needs, and negative consequences are acceptable such as asset bubbles of any proportion that form in equity and real estate markets and devaluation of the U.S. dollar that results from implementing such policy. Janet Yellen and any other person that holds these values are good human beings from the standpoint this job creation goal is a completely good and admirable goal and it is not the writers goal here to impugn anyone's character. But being prepared to incur the collateral damage that this highly accommodative monetary policy brings is alarming and completely irresponsible. Such a person is an unacceptable candidate as Fed. Chair. he or she with these values can readily cause an economic catastrophe.
Look what is going on with these values today with this $85 billion dollar a month Fed bond buying program. America has its broadest fundamental stock index, the S&P 500, up twenty-three percent this year where earnings will only be up two and a half percent on average for the corporations in this index. You have a sea of financial experts saying the only reason this disconnected rise in stock prices is occurring is because of the Fed bond buying program. America has an abundance of financial advisors telling people buy into the market the consensus amongst experts is the Fed will continue its bond buying program until at least until March of 2014 so their is smooth sailing ahead for stock markets rising. Now if the Senate puts Ms. Yelllen with her monetary easing values in the Fed Chair let us be honest there is a good chance the bond buying program will continue past March and America can be certain it will see more of this program if job creation limps along at its current pace or worse which it almost certainly because Washington is dysfunctional. All Americans concerned about the country's economy should be asking him or herself how does this story end what are the ultimate effects of the bond buying program on the U.S. economy?
I would like every U.S. Senator that is prepared to vote for this confirmation of Ms. Yellen to make a video and make it available on their websites explaining to their constituents how they see the use of this bond buying program tool ending for America, if they think it is going to end good go on the record and say it but just tell the truth, just tell the truth! I want to see these Senators if they have conscience which must lead them to conclude this could end up bad for the country explain how they justify their vote, explain how they could vote for the implementation of policies that will bring an historic stock market crash on the nation that will dramatically hurt retirement savings, non-retirement savings resulting in consumer spending cuts, pension funds resulting in increased taxes and local government cuts and corporate balance sheets resulting in layoffs and business spending cuts; actually probably bringing on a recession! Filling this Fed Chair job for the country right now is so important that at least it deserve this from Senators that are going to fill that job!
Republican and Democrat Senators need to convince Sens. Graham and McCain to table this Benghazi witness condition to a Yellen vote. The American people need to learn Ms. Janet Yellin's values on all the major issues the Federal Reserve Board will be dealing with over the next four years and they need to examine her skill set from the standpoint can she be the public face for the Fed that will give the needed confidence to the investment and business community in America that will keep the U.S. economy its financial markets and all other major parts on the right path!
