9:39 AM EDT, September 27, 2012
As the Federal Reserve begins another round of money-printing disguised as monetary policy (Quantitive Easing, Round Number 3), it is instructive to review the congressional scorecard of those congressmen who continue to give the Fed this power. Congressman Elijah Cummings and John Sarbanes both voted against the "Audit the Fed" bill passed by the House in July.
Both men, particularly Elijah Cummings, represent people who will be profoundly harmed by the inflation that inevitably occurs after reckless monetary policy. Inflation makes everyone poorer by reducing the value of the money in your pocket. But the poor are less able to hedge against the ravages of inflation.
As we learned with the collapse of the housing market, easy money and cheap credit create the illusion of wealth while they destroy it. Elijah Cummings and John Sarbanes claim to be advocates of the poor and the disadvantaged; on the side of the people over the powerful. In reality, Cummings and Sarbanes voted to impoverish the middle class and trap the poor in another cycle of poverty.
These men deserve defeat in November.
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