Durbin: Republicans are trying to manipulate the Fed
Sen. Dick Durbin (D-IL) was one of several individuals not happy with House and Senate GOP leaders sending a letter to urge Fed chairman Ben Bernanke not to provide the economy more monetary stimulus. And the Illinois politician expressed his anger Wednesday morning on MSNBC, calling Republicans’ actions “outrageous.”
When The Daily Rundown host Chuck Todd asked Durbin if he believed the GOP sought to manipulate the Fed, the senator firmly thought so.
“Why else would they send the letter?” he said. “Come on, they are trying to put political pressure on them not to lower interest rates.”
Durbin added: “When I go home to Illinois, the business I meet are struggling to borrow money, to expand their businesses and hire people. Lower interest rates would help them. Home owners, who are facing the restructuring of their mortgages, would welcome lower interest rates.
“And now the Republican leaders say ‘Despite this, despite the unemployment, the federal reserve board should do nothing.’ That is the Republican answer to our weak economy and that’s not going to play well across America.”
The Fed announced Wednesday afternoon that it would launch a $400 billion program that would reinvest mortgage and agency bonds back into the mortgage market.