Nov 17 2010

Fed's Action Result of Anti-Growth Obama Policies

Federal Reserve Chairman Ben Bernanke today briefed members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs regarding the Fed’s latest round of quantitative easing (QE2).  After the briefing, Senator Richard Shelby (R-Ala.), ranking Republican on the Banking Committee, released following statement:

“I share my colleagues’ concerns about the risks associated with the Fed’s actions,” said Shelby.  “Devaluation of the dollar and high inflation come with serious consequences that could greatly exacerbate our current economic difficulties.  However, we should not lose sight of the larger dynamic that is playing out.  The anti-growth policies of the Obama Administration have paralyzed American businesses through red tape and uncertainty.  Businesses will not create jobs unless they can reasonably determine what the associated costs will be.  The bottom line is that the Fed is attempting to spur job growth because the Obama Administration has done so much to inhibit it.”