More Cow Bell, Ben?
The old SNL skit where music producer Christopher Walken calls for "more cow bell" is similar to the Federal Reserve's easy money policy. Just like the song didn't have enough "cow bell', I guess our economy doesn't have enough easy money.
The latest jobs report is further suggestion that the Fed's actions are more destructive than supportive of job creation and employment. Low interest rates do not increase manufacturing jobs per the report. Money pumping does not increase service sector jobs per the report. Report.
This administration's policies, and threat of new policies, has hamstrung industry and shut down the velocity of money.
And perhaps unemployment, food stamps and disability are too attractive. Those seeking to hire must bid away the potential employee from what may be just too comfortable of an idle arrangement.
A new use for the word "fair" Mr. Obama and Mr. Bernanke.
The government is spending via a wellspring of entitlements, that which should be a fair return on money. That fair return is what the consumer citizen uses to sustain the service economy. In a sense that is political theft and vote buying. In another sense that is wealth redistribution. Imagine.
Clearly, we are in full stride to join Europe and all its fiscal malaise. Has there ever been a more clear forewarning of the results of this fiscal and monetary idiocy than the current situation in Europe? And we race to join them.
No more cow bell Ben without a budget from Harry Reid's budget and responsibility from Congress. Monetary policy cannot undue what they have done or will not do.
No more Keynesian spending. How about some fiscal responsibility, a fair return on money, and a reduction in entitlement promises (per Paul Ryan).