Tuesday, October 13, 2015

Bernanke ditches his Republican Party

See this article. He was Bush's Federal Reserve Chairman. Now in his memoir he can no longer tolerate the extremism that has overtaken his beloved Party.

It’s the stupid economics.…[they] saw inflation where it did not exist and, when the official data did not bear out their predictions, invoked conspiracy theories. They denied that monetary or fiscal policy could support job growth, while still working to direct federal spending to their own districts. They advocated discredited monetary systems, like the gold standard. [...] I tried to listen carefully and accept thoughtful criticisms…But it seemed to me that the crisis had helped to radicalize large parts of the Republican Party. [...] I lost patience with Republicans’ susceptibility to the know-nothing-ism of the far right. I didn’t leave the Republican Party. I felt that the party left me.”

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