{"id":287083,"date":"2011-03-02T16:46:42","date_gmt":"2011-03-02T16:46:42","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/03\/02\/bernanke-under-fire-again-on-capitol-hill\/"},"modified":"2011-03-02T16:46:42","modified_gmt":"2011-03-02T16:46:42","slug":"bernanke-under-fire-again-on-capitol-hill","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/03\/02\/bernanke-under-fire-again-on-capitol-hill\/","title":{"rendered":"Bernanke under fire again on Capitol Hill"},"content":{"rendered":"<p><div readability=\"99.1985223257\"><span id=\"fb-recommend\"\/><br \/>\n<span>By Chris Isidore, senior writer<\/span><span>March 2, 2011: 11:45 AM ET<\/span><!--startclickprintexclude--><br clear=\"all\"\/><!--endclickprintexclude--><!-- CONTENT --><\/p>\n<p>NEW YORK (CNNMoney) &#8212; Federal Reserve Chairman Ben Bernanke had an unhappy Tea Party on Capitol Hill Wednesday.<\/p>\n<p>In his appearance before the House Financial Services Committee Wednesday, Bernanke faced criticism from a number of House Republican freshmen, as well as Rep. Ron Paul, R-Texas, a long-time critic of the chairman and a hero of many in the so-called Tea Party movement.<\/p>\n<p><!-- REAP --><!--startclickprintexclude--><!--endclickprintexclude--><!-- \/REAP --><\/p>\n<p>&#8220;It has been said ever since the crisis hit that one of the causes was that interest rates were kept too low too long. That&#8217;s more or less a consensus,&#8221; said Rep. Ron Paul, R-Texas, in his opening statement. &#8220;And now the treatment of the last couple of years has been to keep the interest rates much lower for even a longer time.&#8221;<\/p>\n<p>Paul criticized Bernanke&#8217;s testimony that higher commodity prices would cause only a temporary and relatively modest increase in broader prices. Paul argued inflation is much higher than the government&#8217;s official Consumer Price Index would suggest, and factors such as political instability in the Middle East and bad crop yields overseas, which have been blamed for higher energy and food prices, were not the true culprits.<\/p>\n<p>Paul said inflation poses a &#8220;deadly threat&#8221; to the economy, and said that the Federal Reserve system itself, as well as its monetary policy, is the underlying cause.<\/p>\n<p>Several new Republican members of the committee used their opening argument to attack the federal deficit, rather than addressing any specific policy of the Federal Reserve. They suggested that efforts by both the Fed and Congress in recent years to spur economic growth through pumping money into the economy was a mistake.<\/p>\n<p>&#8220;Just like the Beatles sang you can&#8217;t buy me love, you can&#8217;t buy an economic recovery,&#8221; said Rep. Quico Canseco, R-Texas.<\/p>\n<p>Bernanke&#8217;s recent statements that Congress shouldn&#8217;t tie a vote on raising the federal government&#8217;s debt ceiling to an agreement on spending cuts also was criticized.<\/p>\n<p>Rep. David Schweikert, R-Ariz, said that unless those who want to cut Federal spending can use the threat of not raising the debt ceiling as leverage in that debate, there&#8217;s little chance of getting the needed cuts in spending.<\/p>\n<p>&#8220;This body doesn&#8217;t move unless there is a crisis,&#8221; he said.<\/p>\n<p>But Bernanke had his defenders from Democrats on the committee. Rep. Melvin Watt, D-N.C., said the comments and demands for spending cuts by Republicans showed the wisdom of having an independent Federal Reserve that could focus on economic policy rather than political winds. <\/p>\n<p>Rep. Barney Frank, the Massachusetts Democrat who lost the chairmanship of the committee when Democrats lost control of the House in the midterm elections, said the Fed in recent years proved to be wise.<\/p>\n<p>&#8220;There have been a series of criticisms made and negative predictions (about Fed policy) and in my view, none of them have come true,&#8221; said Frank.\u00a0<a href=\"http:\/\/money.cnn.com\/2011\/03\/02\/news\/economy\/bernanke_house_testimony\/index.htm?section=money_topstories&#038;utm_source=feedburner&#038;utm_medium=feed&#038;utm_campaign=Feed%3A+rss%2Fmoney_topstories+%28Top+Stories%29#TOP\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/i.cdn.turner.com\/money\/images\/bug.gif\" alt=\"To top of page\" border=\"0\" width=\"7\" height=\"7\" \/><\/a><\/p>\n<p><!-- \/CONTENT --><!--startclickprintexclude--><!--startclickprintexclude--><br \/>\n<!--endclickprintexclude--><!--endclickprintexclude--><\/div>\n<\/p>\n<p>Read the original:<br \/>\n<a target=\"_blank\" href=\"http:\/\/rss.cnn.com\/~r\/rss\/money_topstories\/~3\/bz6_MAfweaY\/index.htm\" title=\"Bernanke under fire again on Capitol Hill\" rel=\"noopener noreferrer\">Bernanke under fire again on Capitol Hill<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p> By Chris Isidore, senior writer March 2, 2011: 11:45 AM ET NEW YORK (CNNMoney) &#8212; Federal Reserve Chairman Ben Bernanke had an unhappy Tea Party on Capitol Hill Wednesday. In his appearance before the House Financial Services Committee Wednesday, Bernanke faced criticism from a number of House Republican freshmen, as well as Rep. Ron Paul, R-Texas, a long-time critic of the chairman and a hero of many in the so-called Tea Party movement. <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-287083","post","type-post","status-publish","format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bernanke under fire again on Capitol Hill - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/03\/02\/bernanke-under-fire-again-on-capitol-hill\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Bernanke under fire again on Capitol Hill - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"By Chris Isidore, senior writer March 2, 2011: 11:45 AM ET NEW YORK (CNNMoney) -- Federal Reserve Chairman Ben Bernanke had an unhappy Tea Party on Capitol Hill Wednesday. 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Ron Paul, R-Texas, a long-time critic of the chairman and a hero of many in the so-called Tea Party movement.\" \/>\n<meta name=\"twitter:image\" content=\"http:\/\/i.cdn.turner.com\/money\/images\/bug.gif\" \/>\n<meta name=\"twitter:creator\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:site\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/03\/02\/bernanke-under-fire-again-on-capitol-hill\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/03\/02\/bernanke-under-fire-again-on-capitol-hill\/\"},\"author\":{\"name\":\"\",\"@id\":\"\"},\"headline\":\"Bernanke under fire again on Capitol Hill\",\"datePublished\":\"2011-03-02T16:46:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/03\/02\/bernanke-under-fire-again-on-capitol-hill\/\"},\"wordCount\":505,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/03\/02\/bernanke-under-fire-again-on-capitol-hill\/#primaryimage\"},\"thumbnailUrl\":\"http:\/\/i.cdn.turner.com\/money\/images\/bug.gif\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.ghanamma.com\/2011\/03\/02\/bernanke-under-fire-again-on-capitol-hill\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/03\/02\/bernanke-under-fire-again-on-capitol-hill\/\",\"url\":\"https:\/\/www.ghanamma.com\/2011\/03\/02\/bernanke-under-fire-again-on-capitol-hill\/\",\"name\":\"Bernanke under fire again on Capitol Hill - Ghanamma.com\",\"isPartOf\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/03\/02\/bernanke-under-fire-again-on-capitol-hill\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/03\/02\/bernanke-under-fire-again-on-capitol-hill\/#primaryimage\"},\"thumbnailUrl\":\"http:\/\/i.cdn.turner.com\/money\/images\/bug.gif\",\"datePublished\":\"2011-03-02T16:46:42+00:00\",\"author\":{\"@id\":\"\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.ghanamma.com\/2011\/03\/02\/bernanke-under-fire-again-on-capitol-hill\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/03\/02\/bernanke-under-fire-again-on-capitol-hill\/#primaryimage\",\"url\":\"http:\/\/i.cdn.turner.com\/money\/images\/bug.gif\",\"contentUrl\":\"http:\/\/i.cdn.turner.com\/money\/images\/bug.gif\"},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/#website\",\"url\":\"https:\/\/www.ghanamma.com\/2011\/\",\"name\":\"Ghanamma.com\",\"description\":\"News In Ghana - Latest Ghana News Headlines\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.ghanamma.com\/2011\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Bernanke under fire again on Capitol Hill - Ghanamma.com","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.ghanamma.com\/2011\/03\/02\/bernanke-under-fire-again-on-capitol-hill\/","twitter_card":"summary_large_image","twitter_title":"Bernanke under fire again on Capitol Hill - Ghanamma.com","twitter_description":"By Chris Isidore, senior writer March 2, 2011: 11:45 AM ET NEW YORK (CNNMoney) -- Federal Reserve Chairman Ben Bernanke had an unhappy Tea Party on Capitol Hill Wednesday. 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