Below is part of The Brody File exclusive interview with vice-presidential candidate Paul Ryan. The interview was done Friday at the Values Voter Summit in Washington, D.C.
Mandatory Courtesy: CBN News/The Brody File
The Brody File’s national piece on Paul Ryan airs on "The 700 Club" Monday morning. In addition, a fuller version of the interview can be seen on The Brody File TV Show this coming Friday at 9:30 a.m. on the ABC Family Channel.
On Ben Bernanke, the Federal Reserve and Quantitative Easing:
David Brody: Look, Bernanke and this $40 billion and this QE3 that’s going on. Give me your 30-second version if you can.
Paul Ryan: I’m not a fan of QE3. I wasn’t a fan of QE2 either. I think in the long run it will do more harm than good. But what this is is it’s the Federal Reserve and the monetary policy trying to bail out the fact that we have terrible leadership on fiscal policy from President Obama.
So you have the Federal Reserve bailing out the Obama administration at the expense of monetary policy and you know who gets hurt the most right now? It’s savers, it’s senior citizens living on CDs and fixed incomes, people living on insurance annuities. There are losers right now with this kind of movement.
But more to the point I fear that it undermines the ultimate credibility of our currency, of our money and you need to have sound money. It’s a necessary pre-condition for economic growth. We have loose money already so it’s not a question of having too tight of a monetary policy. We have exceptionally loose monetary policy.
What we don’t have is White House leadership, Senate leadership on getting this debt under control, on getting tax reform, on cleaning up the regulatory system. We have really bad fiscal policy, it’s crippling growth, it’s why we have the highest poverty rates in a generation, it’s why we have 23 million people out of work and irrespective of what Ben Bernanke does, it’s not going to be a (??) fiscal policy.
Brody: But I am curious there are some people that think there is some political motivation here. Do you think there is any sort of political component here at all? That Bernanke might want to spurn the economy a little bit right before in September?
Ryan: I’ve known Ben a long time and he understands my feelings about this. He and I have had very candid conversations about monetary policy. I’m not going to go into reading his political motives. I don’t think that’s something that’s appropriate to do from a perspective of a person in my position.
But I don’t think it’s a good idea to do this easing. The Fed balance sheet is approaching around $3 trillion. This kind of easing hurts savers, questions the credibility of our currency, and I think ultimately the costs outweigh the benefits.