Janet Yellen, the chairman of the Federal Reserve, has announced at last an end to something called Quantitative Easing. This monetary expansion program has pumped trillions of dollars of new money into the financial system, basically by running the government printing presses.
Invoking the Constitution is the common rhetoric of many politicians who swore to follow and defend it, but a lot of them have obviously never read it, or if they have, didn’t understand it. The Founding Fathers wrote it in plain English, simple enough for even a lawyer to understand, but some politicians nevertheless have trouble with it.
The struggle over the future of the nation begins tonight. The Republican Party, finally getting what it wished for, to be the effective counterbalance to the president’s statist agenda, must be ready. Mr. Obama is expected to announce in a nationally televised speech that he will issue an executive order to prevent the deportation of 5 million illegal immigrants and to reward their law-breaking with work permits. The next morning he will use a high school in Las Vegas, teeming with illegal schoolchildren, as the backdrop to argue that “no papers” is no problem as long as he is in the White House.
When a fire breaks out, the brave come running. Those of lesser courage gather only to watch. Still others revel in the spectacle of destruction, as if cheering on the flames with chants of “burn, baby, burn.”
Election Day should have taught legislators everywhere the lesson that they must be more respectful to the men and women who pay the taxes, and to show a little respect for the dollars those men and women send to municipal, state and federal treasuries. The message seems to have got lost on the way to Ohio.