It must be the pending Obamacare ruling but the wailing and rending of clothes is reaching an apex. Here's Paul "One Note" Krugman blaming all our woes on...guess who.
So what does the Fed propose doing about the situation? Almost nothing. True, last week the Fed announced some actions that would supposedly boost the economy. But I think it’s fair to say that everyone at all familiar with the situation regards these actions as pathetically inadequate — the bare minimum the Fed could do to deflect accusations that it is doing nothing at all.Wait for it......
Why won’t the Fed act? My guess is that it’s intimidated by those...
Congressional Republicans, that it’s afraid to do anything that might be seen as providing political aid to President Obama, that is, anything that might help the economy.That's right: the Fed, an independent entity in our government, is cowed by the Tea Party nuts. Who knew it could be so easy to make Ben Bernanke tremble into submission? That's GOP Power, baby!
Then there's E.J. Dionne who opens this article by hoping for an "honest and complete discussion" about Obamacare. Three paragraphs later he's asking: "Why do these Republicans keep talking about Obamacare?"
The ACA is the victim of a vicious cycle: Obamacare polls badly. Therefore, Democrats avoid Obamacare, preferring to talk about almost anything else, while Republicans and conservatives attack it regularly. This makes Obamacare's poll ratings even worse, which only reinforces the avoidance on the liberal side.I, for one, will be flabbergasted if the Supreme Court rejects Nancy Pelosi's thorough and analytical defense on the legality of Obamacare: "Are you serious?" Good show.
And the cherry on top is James Fallows' great Frisco freak-out that we're in the middle of a coup d'etat. Well, I guess the secret is out: we Republicans purposely gave the Democrats a filibuster-proof two-year grace period because we were so sure they'd screw it up. Step #2 was to engineer the largest midterm swing in Congressional power since 1938. Step #3 was to make sure our buddies in the Supreme Court knock down Obamacare.
Step #4 is four months away but, so far, everything's on track.