Thursday, July 18, 2013

Pretense of commitment to limited government...

Okay, so I was right, dang it! Although, predicting Bernanke's tone before Congress, that is, anticipating dovishness from the ultimate dove, does not a guru make.

As I watched just a bit of yesterday's Q and A, I thought to myself "I should've predicted the line of questioning coming from our distinguished lawmakers." Although, predicting the accolades from the left and the accusations from the right, that is, anticipating partisan BS from a bunch of partisan BSers, is the ultimate no brainer.

What I found most amusing was the manner in which the various actors addressed the good professor. Republican Jeb Hensarling looked down his nose at (and questioned) Bernanke in the most condescending fashion. Although, I must say, after just Googling his voting record, Hensarling---unlike a number of his colleagues on the right---indeed voted nay on the various Keynesian stimulus efforts imposed onto the taxpayer by the Obama administration. Although, he did vote yea on all the Keynesian stimulus efforts imposed onto the taxpayer by the previous (G.W. Bush) administration. As for the Democrats, they lauded Bernanke as the savior (from the next Great Depression) of the free world. Now they would be the Democrats who (without going to the trouble of Googling, so you'll correct me if I'm wrong) voted yea for Keynesianism under Obama and nay for the same under Bush.

My point? Folks, please don't kid yourselves; Washington is all in on the notion that politicians, through redistribution, can take care of their cronies, contain contractions and seal the next election all at the same time. Thus, given that they believe stimulus works, the party opposing the party in the White House will forever embrace all the arguments against deficit spending and ultra-easy money. I.e., first and foremost, they want to win the next election. Of course, once they've taken over, they're suddenly (and hypocritically) all for any expansion program that promises to boost GDP---while maintaining their pretense of commitment to limited government.

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