Romney's Bizarre Attack on the Fed; How much can you get wrong in just three sentences?

[pampango]

A whole lot, it turns out.

Barack Obama is at it again -- spending your tax dollars to bail out his failed economic plan. It's more of the same from an out-of-touch president with no plan to fix our economy and put Americans back to work.

This past week, the Federal Reserve announced it would print $40 billion every month to prop up this administration's jobless recovery -- that's money we can't afford for jobs we will never see.

First, Barack Obama had nothing to do with the Fed's decision to do QE3. Only the Fed had anything to do with the Fed's decision to do QE3. It's independent.

Third, this isn't a bailout. It's not even clear who is supposedly getting "bailed out". Is it the government? We can already borrow for basically nothing for 20 years. Is it the banks? The Fed is just swapping one interest-bearing asset for another when it buys long-term bonds and gives the banks more reserves.

Fifth, President Obama actually does have a plan to get the economy moving again. It was called the American Jobs Act -- remember it, from last year? -- and it died where all good ideas go to die: Congress. More specifically, Republicans on Capitol Hill killed it, and then they turned around and blamed Obama for the weak economy. It was a neat political trick, but it meant we didn't get the 2.1 million additional jobs that Macroeconomic Advisers estimated the bill would create.

That's a lot of errors crammed into 73 words.

http://www.theatlantic.com/business/archive/2012/09/mitt-romneys-bizarre-attack-on-the-fed/262465/

There are many other errors described at the link.

[imanamerican63]

1. He is the......

one out out of touch!!!!!!!!!!! It is amazing what he is thinking????? It is his money that put him in this elections. Now he is saying things that have no merit to the issues and his so-called base are running away like it was the Titanic going down!!!!!!!

[KurtNYC]

2. Romney's campaign is dictated by focus groups

They ask Americans who don't really know how this stuff works and then they use whatever uninformed stuff they say to write these blurbs for Romney. In marketing they say "speak back to the customer in language the customer uses."

And an aside: we really should change the name of the "Federal Reserve" since it is not under the control of the Federal government.