Office of the Governor Rick Perry

Statement by Gov. Perry on QE3

Thursday, September 13, 2012  •  Austin, Texas  •  Press Release

Gov. Rick Perry issued the following statement regarding the Federal Reserve's announcement of a third quantitative easing:

"Today's announcement of open-ended asset purchases by the Federal Reserve is shocking, even by Washington standards. In yet another round of so-called "quantitative easing," Chairman Bernanke brazenly proclaims the Federal Reserve will buy up assets and take other actions "until such improvement is achieved." In other words - indefinitely. Mr. Bernanke is doubling down on more of the same failed policies which he himself has repeatedly noted are not a "panacea for the country's economic problems."

Not only is QE3 no solution to our economic woes, it represents a huge step backward. While it might provide a temporary boost - or at least maintain the sluggish status quo - before the November elections, it will add untold billions of dollars to the Fed's balance sheet to give the illusion of an improving economy. Yet the Chairman knows full well that the economy continues to be dragged down by incompetent leadership in Washington that has us stuck, in his own words, on an "unsustainable fiscal path."

In essence, this is the mother of all bailouts - with Mr. Bernanke throwing trillions of dollars at the economy to cover up Washington's fiscal failures. But this bailout has potentially devastating long-term consequences in the form of a weaker dollar and the increased likelihood of inflation. And, not coincidentally, we have seen rising commodity prices in recent years even as real incomes are declining - making life in the middle class all the more difficult.

Last year, I suggested that Mr. Bernanke should resign. Now, I believe even more strongly that he should go, and take his failed policies with him."

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