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RICK PERRY’S Public Service – WSJ.com

August 18, 2011

Perry’s Public Service

Behold, a hard-money Texas politician.

REVIEW & OUTLOOK AUGUST 18, 2011

All the world’s right-thinkers are denouncing Rick Perry for suggesting this week that Texans would get “pretty ugly” with Federal Reserve Chairman Ben Bernanke if he guns the money supply any more between now and the 2012 election. His poor choice of words aside, the Texas Governor is right to put monetary policy front and center in the 2012 Presidential debate.

Let’s stipulate that Mr. Perry, in his first week on the Presidential stump, was wrong to use the words “almost treacherous, treasonous” in referring to Mr. Bernanke. Both of those words ought to be reserved for specific acts of betrayal against America, and the Fed chief is certainly a patriot. In particular, “treason” is the only crime specifically defined in the Constitution, which is something a tea party politician ought to learn.

On the other hand, everybody knows Mr. Perry meant no literal harm and was indulging the irrational exuberance that is one of his trademarks. The faux-outrage from liberals who routinely refer to the tea party as “terrorists” shouldn’t be taken seriously.

The real news isn’t the rhetorical gaffe but the substance and politics of Mr. Perry’s demarche. Here we have a Presidential candidate, a Texas populist no less, laying out a position in favor of sound money. This is a bear walking on its hind legs. The ghosts of Wright Patman and Henry B. Gonzalez are howling in the Hill Country.

The media trope of the week is that Mr. Perry is George W. Bush only more so, but he clearly isn’t the same on monetary policy. Mr. Bush, who first appointed Mr. Bernanke, was an easy-money, weak-dollar President. He and his former economic advisers still don’t understand how Alan Greenspan’s policies at the Fed contributed to the credit and housing manias that led to the financial meltdown that caused the GOP’s political undoing in 2008.

via Review & Outlook: Perry’s Public Service – WSJ.com.

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One Comment
  1. August 18, 2011 10:49 AM

    Rick Perry knows nothing about economics. Perry graduated in 1972 with a 2.20 GPA, earning a bachelor’s degree in animal science. I would agree that Greenspan and Bernanke have kept the cost of money down (good for borrowers) and the value of the dollar down. I am not an economist either but I do know that a low valued dollar helps our export business to the rest of the world. A strong dollar may feel good but does nothing for our economy except lower the cost of imported goods. That situation helps all the countries exporting their goods to the United States.

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