Thursday, November 18, 2010

Republicans misread the "Fed problem"

Here's an interesting article. Republican political leaders are fighting the Fed tooth and nail. Why? According to the article, they are doing this solely because "They’re sensing that the Fed and Bernanke are not very popular right now."

Wow. What a classic case of misreading the problem and doing something really stupid as a result. Our Republican leaders are in dire need of a mental reset on this issue.

Are people really mad at the Fed? Or, are they mad as hell at what the Fed and our Federal Government are doing in order to rescue our nation's economy? I think it's the latter. And instead of fighting the Fed, Republicans should address the angst.

Here's why Americans are really pissed off:
  • We had to use massive tax dollars to save Wall Street. But name me a big group of Wall Street Bankers who got punished and now sit in jail?
  • We had to use massive tax dollars to rescue the housing market. But tell me why neighbors who overpaid for their house are getting mortgage reductions, are able to walk away without penalty, or just sit in their homes without paying anything, while the responsible among us aren't getting a fair shake.
  • Most Americans haven't seen their incomes rise in over a decade. But Wall Street and corporate executives continue to collect egregious pay and bonuses.
Instead of attacking the Fed, why don't our Republican leaders:
  • Bring the hammer down on the SEC. Force them to bring a massive number of criminal actions against the CEOs and Board of Directors who led the companies that brought our economy to its knees.
  • Penalize the people who walk away from mortgages and stop using our tax dollars to reward their greed and incompetence.
  • Focus on increasing the incomes of the middle class and pressure down the massive salaries on Wall Street and in the executive suites of Corporate America.
If Republicans would go after three issues, they'd wind up being allies with the Fed. The American people would be appeased. And our Fed would be more easily able to take the necessary actions that will allow our economy to recover.

But our state's US Senator, Richard Burr, he's a clueless dolt. The man hasn't spent a second thinking through why Americans are really pissed off. He's just blindly follows Mitch McConnell's lead. And right now, the blind are leading the blind in our Republican Party.

North Carolina deserves better than Republican Senator Richard Burr.

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