13 April 2006

Daily Kos: Bush packs the Federal Reserve

Daily Kos: Bush packs the Federal Reserve: "So how does this relate to Bush?
The Federal Reserve has more control over the economic future of this country than any other organization other than Congress. Bush has now packed the Fed with politically-connected members. With the Fed now packed with 'politically friendly faces', the Fed is now working overtime to push money into the system (despite whatever you may have heard otherwise).
In the short-run this pushes the economy along with massive doses of cheap credit. That is exactly what politicians have always wanted, and Bush is no exception.
In the long-run this will have terrible consequences. Once price inflation becomes dug in its extremely hard to get it out. In the past only deep recessions have cured price inflation.
This is a legacy that will live past Bush's term in office."

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