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EDITOR OF REDSTATE

Will Mitch McConnell Stand With Conservatives Against Obama & the Federal Reserve?

By: Erick Erickson (Diary)  |  May 16th, 2012 at 04:46 AM  | 

RESIZE: AAA

The Federal Reserve is not my issue. Audit it if you want, I’m with you. But it’s not something that drives me crazy or makes me passionate. But there is one issue that really gets me and the Fed has been at the center of it lately — crony capitalism.

Barack Obama has nominated Jeremy Stein and Jerome Powell to the Federal Reserve Board of Governors for six years each. Senator David Vitter (R-LA — HAFA Score 85%) placed a hold on both men. They are creatures of Wall Street and, in the biggest red flag of the day, both Goldman Sachs and JP Morgan have been pressuring Senator Vitter to drop his hold.

The issue here is bailouts. Mark Calabria notes the Federal Reserve has bailout powers, but it needs the support of five Federal Reserve governors. Stein and Powell are both in favor of the Federal Reserve continuing to bailout banks and other entities with little oversight.

Harry Reid can bring these men to the floor any time he wants. The word in the Senate is that he is about to.

Conservatives in the Senate and outside the Congress are deeply worried that Mitch McConnell will cut a deal with Reid to undercut David Vitter’s hold. We potentially could delay the appointments until after the November election if Mitch McConnell will side with David Vitter and Senate conservatives by objecting to Harry Reid’s cloture motion.

Please call Senator McConnell’s office today and encourage him to stand with David Vitter and object to cloture on Jeremy Stein and Jerome Powell. His office number is (202) 224-2541. Then call your own Senator at (202) 224-3121 and tell them to oppose Stein and Powell.

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COMMENTS

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  • justperhaps45

    Often we see a desirable term linked with an undesirable one, thus making the phrase negative. Crony capitalism is just such a term. Cronyism a big problem everywhere it is used. Capitalism is a tool for broad-based economic advance. Cronyism is an act of deceit. The two terms should not be linked, for the joining improves the appearance of the bad and debases the useful. Favoritism is the antithesis of fairness whether wielded by socialist or a capitalist. Pre-twisting words aids the message of the shallow progressives we face in constant battle.

  • funwithknives

    chunk of terminology we can use.

    How do you propose to link the two subjects in a way that is found good e-nuff?

    Pretty please…?

  • gmhunt

    He is NO Conservative, he is a RINO and “loves” big government….I bet he sides with Reid and makes a deal to stop the Vitter hold on Jeremy Stein and Jerome Powell to the Federal Reserve Board of Governors.

  • richsr7

    For a quick rebuttal see
    “the Hal Lindsey Report”
    on the Fed.
    The Fed has been THE memises of America, as far as money is concerned.

  • justperhaps45

    Mitch like many of the establishment leaders are caught in the throes political creative destruction. They are resisting the resurgence of the responsible citizen. Citizens that many like to label as activist because they are not accepting the cronyism that is the status quo. These citizens are saying no to the destructive forces of favoritism because when one is given advantage many get disadvantage. Our Republic is based on individual liberty to succeed or fail as we choose or earn. We have allowed too much power to in the hands of the government by failing to be personally responsible.

    Mitch is a bright guy. He may awaken and become the leader he is capable of being?

  • avgjo

    nt

  • JimmyGee

    You lost me at “STAND.” Now if you had said “ROLL OVER,” that I could agree with.

  • streiff

    other than quoting Hal freakin Lindsey doesn’t do much to increase your credibility.

  • JimmyGee

    “Will Mitch McConnell throw Conservatives under the bus…again?” Really, that is not even a question. We all know the answer….

  • tnfriendofcoal101368

    has never stopped. The FED is bailing them out today, yesterday, and tomorrow ever since the collapse of Lehman. They just call it quantitative easing. The practice of providing banks with practically interest free money has left us with the 6 “too big to fail” banks even larger in terms of assets than before the banking crisis. Of course, the downside is that QE is paid for by devaluing currency essentially a regressive tax that affects poor people the most – but you know Barack Obama is all for the poor #sarcasm.

  • fishgod3

    God I hate the Fed

  • ihateliberals

    Mitch McConnell wil not listen to the public. he has his own agenda and will not be swayed from it. He feels secure in his seat and knows his constituency wil bring him back just like McCain in AZ. The only thing we can do with MConnell si to work to geet him out. Two ways to do that is one work within hos seat to unseat him or two get a majority of conservative in the senate to elect someone else as GOP majority , leader. Three is get a senate majority and not elecet him majority leader.

  • barleycorn

    Certainly not Erick in the post you are replying to.

    What he wrote was:

    “The Federal Reserve is not my issue. Audit it if you want, I?m with you. But it?s not something that drives me crazy or makes me passionate”

    I really doubt that Hal Lindsay can rebut Erick’s statement of what his (Erick’s) feelings are.

  • krish

    Plea to Tea Partyers in KY, OH & Virgina!

    Hopefully, you can help get rid of these power hungry republican leadership out of their power! As long as these frauds are in power, there is no hope for conservatives.

    How come the republicans in the above states elect decent conservatives in their state capitals & elect these guys for center? Are the people getting fooled by these guys speeches or crying in the case of Boehner?

    Can you imagine Mitt added to this vile mix? who will pull him to the right?

  • texasref

    and mentioned having read your excellent website and that you don’t ask us to call our Congresspeople very often, so when you do on an issue of this import, I made sure to let him know and thanked him for his support for conservative issues.

  • texasref

    P – R- I – M – A – R – Y.

    My bologna has a second name. It’s

    M – C – C – O – N – N – E – L – L.

  • utahrepublican

    The crony problem comes from the fact that certain people are using government to shift money from taxpayers to favored recipients. Getting money from government without providing goods or services deserving of same isn’t capitalism – it is socialism. Remember, it is not the businessman who has the power to make this taxpayer robbery happen, it is the politician. It is the government. So take the advice of justperhaps45 and quit attributing socialist behavior to capitalism. Call it crony-socialism because that is EXACTLY what it truly is.

  • dlg1956

    Unfortunately I think Mitch is not up for election this year, he has another 4 long years to go. I hope I’m wrong on this. He needs to go the way of Lugar and hopefully Hatch.

  • funwithknives

    getting somwhere. Two negatives and it sings, with a real melody.

    Use it and watch the ignorant multitudes call you a ‘racist’, or something ‘they’ consider equivalent.
    Then, you know you’re on-to something…….

    Like another term I picked up here {SCUM, So Called Unbiased Media}, in it goes, to my Lexicon Bag…..

  • funwithknives

    THEN, he really ‘got with it’……