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Bernanke Twists, Taxpayers Shout
By CHQ Staff | 6/22/12
A few weeks ago we noted that, through its various “quantitative easing” programs, the Federal Reserve had become that largest contributor to President Obama’s reelection effort.
Between the two “quantitative easing” or QE1 and QE2 programs, Federal Reserve Chairman Ben Bernanke put something close to $2 trillion into Obama’s reelection effort by purchasing mortgage backed securities (MBS’s) and longer term Treasury securities.
Now with the June 20 announcement that the Fed is extending until December the “Operation Twist” program to swap $267 billion in short-term securities with longer-term debt, taxpayers are on the hook for another quarter of a trillion dollars.
Taxpayers have now made over two trillion dollars in forced contributions to what is, in essence, a Super PAC the Federal Reserve is operating to help reelect Barack Obama.
Americans who aren’t as committed to the wisdom of Adam Smith as we are might be forgiven for going along with these inflationary policies if they were actually working, but they aren’t.
