NYT Weenie Hyperventilates...and Is Wrong To Boot

I told you that the MSM would do an emergency double round-about, banking turn and declare Rick Perry more horrifying than George W. Bush. There is alot of evidence of that going on already, but there is this little tidbit that needs addressing. First, I read everything I can get my hands on in re monetary policy and I've never heard of Binyamin Appelbaum, so there's that, which is not much but it's something, to me at least. Second, Perry is not only not horrifying, he's right and damned smart to lay down this marker. Everyone who works in the financial sector, in politics and a host of other fields knows it is an unwritten law of good governance that the Fed should not influence elections, that it should go out of it's way to have almost no impact and maintain the faith in its independence that is its key asset. Pointing that out is eminently conventional. Given the way that this administration politicizes nearly every decision at every government agency and that there will be enormous pressure on the Fed to maintain aggressive stimulus through the election cycle, Perry is smart to fire off a warning to the Fed that its behavior is being scrutinized and its credibility will be questioned if it crosses what is a widely accepted bright line.

People may not like the "string 'em up" tone of Perry's comment, but so what. Tone is a matter of taste - de gustibus - but on the substance Perry is entirely correct and justified.