Jerry Moran Voices Opposition to Janet Yellen Confirmation:
As a member of the Senate Banking Committee, I had the opportunity to ask Dr. Yellen direct questions about her views of our monetary policy. Her answers did nothing to alleviate my concerns about current Federal Reserve policies, including quantitative easing. For five years, the Fed’s asset-purchasing program has masked the true size of our deficit and made it easier for Washington to spend money it does not have. While it has been good for Wall Street, Main Street has been left with limited credit, a higher cost of living, and a lack of job opportunities. We cannot continue on this path without regard to the consequences; massive inflation is around the corner.
How long must "massive inflation" be delayed before Jerry Moran realizes that the economists he has been listening to really do not know what they are talking about, and that neither he nor they are worthy to untie the thong of Janet Yellen's sandals?
Shall we set a date? How about January 2018: If the core CPI inflation rate for 2017 is not 10%/year, Jerry Moran will stand up and apologize, and regret his vote against Janet Yellen, and explain it as a result of his excessive trust in unworthy counselors? How about that?
Moran goes on:
I also remain unconvinced that Dr. Yellen will provide the leadership needed to relieve the regulatory burden on community banks, which play an important role in our financial system. Federal regulators continually fail to take into account the unique characteristics of community banks when rulemaking. A new direction is necessary. Unfortunately, Dr. Yellen’s nomination demonstrated a commitment to the status quo.
Methinks that community banks want some extra breaks and are a large part of Jerry Moran's donor base, and that the people of Kansas as a whole--who want and need predictability in monetary policy--don't get into his office much.
It is interesting: The fact is that at every stage since 2005 Yellen has been closer to right in her judgment of the economy than the people Moran has been listening to. Yet that does not enter his thinking at all...