Political Quotes

“Mr. President, I, too, would like to share my concerns in opposition to Mr. Bernanke's reappointment, and I think my colleague, Senator DeMint, summed it up pretty well. One of the debates has been, did the Central Bank, which is not a free market activity, fail--or did as people say the market fail. I agree with him. I do not believe it is exactly correct to say that. The Fed dabbles in the market in an attempt to manipulate the market. One of the debates has been that Mr. Bernanke allowed the interest rates in 2002 through 2005 to remain too low, which caused the bubble and which caused the burst and put us in this fix. The complaint has been that he violated the Taylor rule, which is the rule that would advise how interest rates should be set by the Central Bank. He made a speech in early January of this year that I think was defensive and went to some length to say he did not violate the Taylor rule and that low-interest rates did not cause the bubble. So it is one thing to make a mistake; it is another thing to make a mistake and refuse to acknowledge the mistake. I will just say as background, the Wall Street Journal said the minutes of the Fed Board meetings prior to his becoming Chairman, when he was merely a member of the Board, indicate he was the advocate for lower interest rates and actually warned of deflation during this period which was wrong. Mr. Taylor responded in the Wall Street Journal.…”