The 'Party of No Growth' has taken it upon themselves to instruct the Federal Reserve -- on how they should do their jobs. On how pursuing a policy of Economic Contraction is the only option, in GOP-land -- a place where Revenue raising has been banished, a distant Renegade ...
In their letter, Senate Minority Leader Mitch McConnell (R-Ky.), Minority Whip Jon Kyl (R-Ariz.), House Speaker John Boehner (R-Ohio) and Majority Leader Eric Cantor (R-Va.) asked Federal Reserve Chairman Ben Bernanke and the other Federal Reserve board members to “resist further extraordinary intervention in the U.S. economy, particularly without a clear articulation of the goals of such a policy, direction for success, ample data providing a case for economic action and quantifiable benefits to the American people.”
[...]
Senate Majority Whip Dick Durbin (D-IL):
“They are trying to put political pressure on them not to lower interest rates,” he said. “When I go home to Illinois, the businesses I meet are struggling to borrow money, to expand their businesses and hire people. Lower interest rates will help them. Homeowners who are facing the restructuring of their mortgages would welcome lower interest rates.”
Democrats criticize GOP letter to Federal Reserve board on interest rates
by Felicia Sonmez, washingtonpost.com -- 09/21/2011
Well you know GOP, there ALREADY are laws on the books that tell the Fed to do otherwise, to actually help make the Economy grow -- exactly the opposite from your not-so-secret One-Term Mission statement ... Sorry, Obstructionists.
Yes, there ALREADY are Laws on the Books -- for whenever Republicans, or the Private Sector, are TOO SLOW to act towards meeting our National Priority -- to put Americans back to work!
Senators Humphrey and Hawkins thought that keeping America Working, was important enough -- YES -- to pass a Law to forever encourage this as our National goal ... (they must have met the Bankers and Multi-nationals) ...
[...]
In the United States, the Humphrey-Hawkins Full Employment Act of 1978 allows the government to create a "reservoir of public employment" in case private enterprise does not provide sufficient jobs. These jobs are required to be in the lower ranges of skill and pay so as to not draw the workforce away from the private sector. However, the act did not establish such a reservoir (it only authorized it), and no such program has been implemented in the United States, though the unemployment rate has generally been above the rate (3%) targeted by the act.
A "Reservoir of Public Employment" ... that sounds pretty good,
But What are the "Triggers"??? ... er nothing, except the "Lack of Full Employment" and a Private Sector that is dragging its feet about Re-hiring ... Unemployed Americans!
Full Employment Act
The Full Employment and Balanced Growth Act (known informally as the Humphrey–Hawkins Full Employment Act), is an act of legislation by the United States government.
[...]
The Act set specific numerical goals for the President to attain. By 1983, unemployment rates should be not more than 3% for persons aged 20 or over and not more than 4% for persons aged 16 or over, and inflation rates should not be over 4%. By 1988, inflation rates should be 0%. The Act allows Congress to revise these goals over time.
If private enterprise appears not to be meeting these goals, the Act expressly allows the government to create a "reservoir of public employment." These jobs are required to be in the lower ranges of skill and pay to minimize competition with the private sector. [...]
In the fine print, from that link Full Employment Act ... this next legislative directive, should sync up with the President's stated employment goals ...
-- Requires the Chairman of the Federal Reserve to connect the monetary policy with the Presidential economic policy.
So instead of another round of "Quantitative Easing" for Wall Street (Round 3); instead of the Fed sitting on their hands, just like a Tea Party Republican ...
Maybe we could have some "Quantitative Easing", directed towards Main Street -- this time around?
... as in real help -- to bring down those Unemployment Numbers?
... as in Here's a Job-type help -- "You start on Monday" type help.
Maybe we could have some "Quantitative Easing",
in the form of cheap and available Loans for Small Business as Senator Durbin described.
... seeing as how the Big Banks would rather just sit, on their Eazy Fed Funds, than Lend them.
Maybe we could have some "Quantitative Easing",
in the form of rewriting and resetting those underwater Mortgages.
... and perhaps keep people in their Homes, and the Wall Street Bankers, out of them.
Wall Street has had their turn, it's time the American People got some real help.
Some Humphrey-Hawkins Full Employment-style help.