Rep. Michele Bachmann, head of the House Tea Party Caucus, tells Newsmax that the Federal Reserve’s plan to increase the money supply by buying government securities is a “huge mistake” that will boost inflation and amount to “stealing from the American people.”
The Minnesota Republican also declares that President Barack Obama wants to impose a “massive increase in taxes” by refusing to extend the Bush tax cuts for all Americans.
Bachmann agrees with many Republican economists who have joined Sarah Palin in urging Federal Reserve Chairman Ben Bernanke to cease and desist with “quantitative easing” — the $600 billion plan to buy government securities in an effort to spur the economic recovery.
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“I was ahead of the curve on this,” she tells Newsmax.
“I had written a letter to Federal Reserve Chair Ben Bernanke asking him to please come before our Financial Services Committee and have a hearing before he took this extraordinary action. He failed to do that, and we got just a perfunctory letter back from the Federal Reserve.
“This is a huge mistake. Quantitative easing is nothing more than government getting behind inflation. As if the government hasn’t done enough wrong to the economy by spending us into a debt that will be very difficult to pay off, now they want to inflate the money to pay off their debts that they accrued.
“This is just stealing from the American people, and it’s flat out wrong.”
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