Courtesy of Bruce Krasting.
I’m adding myself to the long list of folks who have commented on NY Senator Chuck Schumer’s choice of words to Bernanke the other day:
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Schumer is a political hack. He wants the Fed to do ‘something’ today that would give the economy a lift heading into the election. Chuck knows that the Legislative side can’t/won’t do a thing before November, so he begs Ben to light another monetary fire to help the Democratic cause. Chucky boy is an ass.
I doubt that Bernanke listens to the noise from Senators very often, but Chuck’s words got a lot of press. I’m wondering what Ben is thinking. Schumer has brought politics into the outcome of the August 1st Fed meeting. Whatever Ben decides to do, he will be accused of partisan politics.
There are many scenarios for the August Fed meeting:
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