From the WASHINGTON POST:
With Europe falling deeper into crisis and Congress paralyzed, only one institution may have the flexibility to try to keep the U.S. economic recovery on track: the Federal Reserve.
But the Fed faces a daunting burden. Any new action could provoke tough political criticism. Republicans, in particular, have expressed deep concern about the measures taken by the Fed to support the economy — and could be doubly upset if new efforts goose the stock market and are perceived to work in favor of President Obama’s reelection.
“The Fed is going to try to do the right thing,” said Vincent Reinhart, a longtime Fed economist and now top U.S. economist at Morgan Stanley. But, he added, “The headline they most worry about is ‘The Fed acts to help the incumbent.’ ”
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EDITOR: The editor has often likened the decline of the USA with that of Rome around 100 BC. The above is a symptom of the division and basic erosion of a sense of patriotism represented by a segment of the population that has studiously risked another great depression in order to discredit a sitting president and seize control of government to further enrich itself. Very, very sad.
