GOP to Bernanke: No new stimulus
September 21st, 2011
08:25 AM ET
3 years ago

GOP to Bernanke: No new stimulus

NEW YORK (CNNMoney) - Republican leaders in Congress have asked Federal Reserve Chairman Ben Bernanke to refrain from any further monetary stimulus during policy makers' two-day meeting ending Wednesday.

"Respectfully, we submit that the board should resist further extraordinary interventions in the U.S. economy, particularly without a clear articulation of the goals of such a policy, direction for success, ample data proving a case for economic action and quantifiable benefits to the American people," read a letter from Republican leaders and addressed to Bernanke.

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Filed under: Ben Bernanke • Republicans • Stimulus
soundoff (18 Responses)
  1. Just a thought

    Yep....we wouldn't want to help the American people that are suffering, out of work, unable to feed their children...why that would be unpatriotic. The GOP model, "we'll screw up other countries and go broke doing it; when it comes to the good ole USA, let's not do anything....that's the GOP/Tea Pee Pee pants way"

    America, it time to show these sorry excuses the door.

    September 21, 2011 08:48 am at 8:48 am |
  2. Rudy NYC

    "Don't do this." "Don't do that." "No. No. No."

    The American people are tired of hearing negativity and what Republicans think will not work. We know what the Republicans think will work won't. I can say that because what the Republcans want to do is exactly what we have been doing since years before Bush left office.

    Hope and change has turned into mope and hang your head for some Democrats frustrated by the Party of No. I cannot wait for the wake up call the Republicans will get come November 2012.

    September 21, 2011 08:49 am at 8:49 am |
  3. FM

    Typical republicans! Now they are ordering the cook to put the lid on-top of the pot while people are starving!!!! What unwise step to take. People are watching them!

    September 21, 2011 08:49 am at 8:49 am |
  4. Marc

    We're in deep, deep trouble in this country. Thank God the Fed is independent.

    September 21, 2011 08:53 am at 8:53 am |
  5. mark whitt

    since Bernanke does not answer to congress he can tell the gop to take a hike , and do their job to get people back to work !

    September 21, 2011 09:02 am at 9:02 am |
  6. Rudy NYC

    Deflation. Doesn't that mean lower prices? It also implies a contraction in the size of the economy, which spells another recession. I think some deflation is inevitable, especially in housing prices. Housing prices were ridiculously high because they were inflated by lending institutions trying to sell higher priced mortgages.

    This is economy will not start moving full steam ahead until housing picks back up, which ain't gonna happen until the housing prices come back down to levels that the dwindling middle class can afford.

    September 21, 2011 09:08 am at 9:08 am |
  7. Rick McDaniel

    The point being, more stimulus is just more waste.

    September 21, 2011 09:12 am at 9:12 am |
  8. Blame Will Not Work

    The Fed MUST stop printing worthless paper money! It has gotten us no where but deeper into a recession. The Dems in this great nation have absolutely NO "far-sightedness" as our economy is concerned.......their philosophy & MO is
    "eat drink, be merry today, for there is no tomorrow"........Dems have no concern over our future for our kids & grandiose!
    We must end;
    1. Welfare
    2. Un-ending Unemployment
    3. Government employee guaranteed Retirement......funded by Tax Payers, to a 401-k employee funded Retirement.
    4. No more Gov guarnteed "green jobs" chances.......Gov does NOT need to be involved in Capitalism
    5. Get rid of the EPA

    These are only a few of the things that must bend, but first of all, all you Dems need to take a reality check & realize one fact; we are BROKE!

    September 21, 2011 09:15 am at 9:15 am |
  9. Ohio man

    @Rick McDaniel
    And more cuts mean Job lost.. More deregulation on Corp./ wallstreet mean do what you want to do to get rich and don't worry we wont tax you for it. we will just find away for the middle class to pay for it thru state & local tax hikes n then place the blame on Obama

    September 21, 2011 09:26 am at 9:26 am |
  10. Blame Will Not Work

    Rudy NYC.......you have all the answers.......Someone had better say "NO"!.....look beyond the end of your nose.....YOU, who live off the public funded welfare system need to do as when Clinton was forced to "end welfare as we know it" & overnight 84 million people fell off welfare....& NO one died, NO one went hungry or did without.....what they did do was went to WORK! Try that for a change! & don't say there re no jobs, ther may not be economy breaking union jobs paying $30-$40 an hour.....I have had to cut bushes on the side of the road to feed my family, for $3.00 hr......one does what one has to do ......IF they have PRIDE! Become a Giver & stop being & encouraging others, to be Takers!

    September 21, 2011 09:27 am at 9:27 am |
  11. Just a thought

    @Rick McDaniel....What are you talking about? Is being intentionally vapid a good trait for your party of "No No's"? The Fed has two responsibilities 1) Containing Inflation (and raising interest rates causes inflation – DUH!!!!) and 2) Insure full employment (which is a huge problem in this country right now"

    So in your rather unqualified comments, you are advocating the Fed not do their jobs. You GOP/Tea Pee Pants people are ridiculous....You want the worst for this country. Is it ignorance, a disconnected view of what would be obvious, or just an open desire to see this country fail. Which is it?

    September 21, 2011 09:35 am at 9:35 am |
  12. Just a thought

    @Blame....

    I go back to what was said to the other "none thoughtful comment by your un-patriotic friend Rick"

    The Fed (seen its very inception) has two mandates
    1) Keep inflation contained...and raising interest rates on bonds creates inflation and creates borrowing problems for small businesses
    2) Provide a backdrop to get full employment in this country (somewhere around 5%)

    What are you rather unthoughtful people harping about? Sounds looking you Faux News followers are trying to re-write the Fed's mandate. Get over yourselves, its an independent entity. Read something please, before you let everyone know that the GOP/Tea people are the none-thinkers in this discussion.

    September 21, 2011 09:41 am at 9:41 am |
  13. Sniffit

    Shorter version of GOP meddling: "We demand that you do nothing to attempt to help the economy, especially things that might work, because the economy needs to stay horrible throughout 2012 to increase our leverage for the 2012 elections."

    September 21, 2011 09:41 am at 9:41 am |
  14. Bill

    Put another way – do not do anything to help the economy, so we can blame President Obama. What a bunch of losers. As noted above, thank goodness the Fed is independent.

    September 21, 2011 09:41 am at 9:41 am |
  15. Rudy NYC

    Rick McDaniel wrote:
    The point being, more stimulus is just more waste.
    -------------
    Point being, more tax cuts would be an even bigger waste. We still have the Bush Tax Cuts, and look where it has taken us. The BTCs, deregulation, and lack of enforcement across the board took our economy over the over the edge of the road and straight into a ditch.

    The Republicans are proposing same solutions that they enacted in immediately following the crash of 1929. They sucked money out of the economy, all spending stopped, and we went into an extended severe recession. It was so bad that they gave it a name, Great Depression. Spending by the government is what bought us out of it, over the maniacal objections of Republicans who still thought the answer was to *cut* spending even further.

    September 21, 2011 09:42 am at 9:42 am |
  16. Just a thought

    Man...we've got an number of "flat out" ignorant comments about this. The people commenting that the Fed should do nothing, are advocating the a once independent agency become members of the Tea Party (Do Nothing and Watch the Whole thing burn – Then Blame Obama)

    September 21, 2011 09:46 am at 9:46 am |
  17. Rudy NYC

    Blame Will Not Work wrote:
    The Fed MUST stop printing worthless paper money!
    -------------
    So, raise taxes. Tax cuts are what got us into this mess in the first place.

    And Clinton may have made cuts but he added jobs programs. Then raised taxes (over the doomsday objections of Republicans) to balance the budget. It worked.

    Then Republicans took control of the White House and the Congress and systematically dismantled and broke everything in site. Now Republicans want to blame Democrats for not fixing it. That's wrong, but I'm okay with that. Just get out the way, problem solved.

    September 21, 2011 09:48 am at 9:48 am |
  18. Republicans - The Not Intended To Be Factually Accurate" Party

    Rudy NYC is a big boy and I`m sure he will lock on the target and destroy it. But you see, this is exactly what I`m talking about :

    @ Blame Won`t Work refers to "84 million people coming off the welfare rolls".

    He/ she just made up a number. 84 million, REALLY? 17 years ago when our population was probably under 300 million?

    This is why nobody who takes the time to think is swayed by Republican inspired arguments. About as much credibility as M. Bachmann saying shel`ll bring us $2 gas, or that "submission means respect", or vacinations cause mental retardation.

    September 21, 2011 09:57 am at 9:57 am |