Texas Governor Rick Perry, a man who comes from a state with rebellion in its DNA, slammed Fed Chairman Ben Bernanke during a campaign stop, calling the relentless printing of money “almost treasonous,” and railed against the potential of another massive bond-buying program, which has been growing in likelihood for much of the past year.
Needless to say, his anti-Fed comments have garnered some criticism, particularly from moderate Republicans and the Obama administration. White House Press Secretary Jay Carney even defended the Fed, calling it’s independence “important” to the economy. Unfortunately for us, that Federal Reserve “independence” is often used as a justification for trillions of bank loans being made under a cloak of secrecy in the name of monetary stability. Some Republicans have criticized the governor for wasting his energy attacking Mr. Bernanke, since there is little he could do even if his run for president proved successful to halt the Fed’s spending spree short of getting rid of it completely.