Tuesday, November 16, 2010

Republicans Abandoning the Poor And Unemployed? Fancy That!

Yes, as seen on the Krug-blog, Bob Corker is now saying that the Fed should give up on doing anything about unemployment whatsoever. Instead, they should focus on price stability.

The former is unsurprising. Republicans see the unemployed as little more than a nuisance to be avoided only when they can't be distracted into fighting amongst each other over who's the most virtuous and/or faithful. But has nobody told this idiot that trying to maintain price stability is precisely what the Fed is trying to do? "Price stability" doesn't just mean "inflation". It means fighting core deflation, too. Sure, he's one of that class of idiot that thinks that Inflation Is Comin' Real Soon Now, No Really It Is. The Fed would still be making moves like QE2 if it disagreed with him. It IS still a semi-autonomous body.

Then again, maybe price stability isn't what people like Corker want. They're Republicans. They are, to a man, nestled deep in the pocket of the wealthiest 1%. The wealthiest 1% are universally creditors, not debtors. Why wouldn't they want deflation? It'd just make their bonds THAT much more valuable.

Sure, it'll screw everybody else. But I think the last ten years has showed us that they could give a rat's ass about the rest of the country, or the rest of the planet. Barring a sort of weak, puddle-deep Noblesse Oblige that nudges them into giving money to whichever charity makes them momentarily feel better, I see every reason to believe that they and their Republican creatures would gladly let the rest of us rot.

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