Richard Day: It's A Hard Rain Gonna Fall
Doc Cleveland: Horse Race? Or Hindenburg?
Rick Perry has just warned Federal Reserve chief Ben Bernanke not to come to Texas because "we would treat him pretty ugly".
Economics Professor Nouriel Roubini tweeted: "This Texas thug is making murder threats on the Fed Chairman."
I wonder what the good Republicans think of Perry's threat? It's an ugly threat. The 2012 election is only going to get worse. Will good Republicans, in the name of a 3% tax hike, help put Perry in the White House. Or will some of them say enough is enough!
And I wonder how Richard Fisher of the Dallas Federal Reserve is feeling this morning? I don't know if Fisher is a good Republican; he ran as a Democrat against Hutchison in 1993. But Fisher might have some good Republican friends. There are no doubt some good Republicans who work at the Dallas Federal Reserve. Do they take Perry's threat seriously? No? Do you think Bernanke will now come to Dallas? Do you think Richard Fisher will publicly condemn Perry's threat?
Dallas, 1963. Adlai Stevenson spoke in support of the United Nations at Dallas Memorial Auditorium. He was booed and heckled. A woman hit him with a placard. He was jostled and spat upon. It seems that the Texas blood lust against the United Nations was running high. Three weeks later Kennedy was shot to death.
In threatening a public servant of Bernanke's stature, Perry has threatened all public servants everywhere, including those in Texas. Think about it. Intimidation. If you were Richard Fisher would you speak out? If you were Bernanke would you, like Adlai Stevenson, go to Dallas and speak out on behalf of any further Fed actions to stimulate the economy?
I think Perry will get the nomination. I don't think the 2012 election will be a tough choice for Democrats. I think it will be a tough choice for good Republicans. There is a death struggle within the Republican party of which faction is going to control the party. The forty year coalition of the religious right, the corporate interests and the libertarians will be stretched to the limit in the candidacy of Rick Perry. Is maintaining the coalition worth putting a loose cannon like Rick Perry in the White House. Is Rick Perry really a compelling President to : the evangelical who supports the poor; the CEO's wife who votes Republican but supports Planned Parenthood; the self made Reagan Democrats who vote Republican? The pure libertarians? The pure fiscal conservatives?
Will good Republicans allow Rick Perry to tear this country apart? I don't know, I hope not. When a presidential candidate threatens a member of the financial establishment, a man with international prowess, a man with an advanced education, a moderate man--will good Republicans go along in lock step fashion with a candidate who would threaten a man like Ben Bernanke?
Richard Fisher of the Dallas Fed. disagrees sharply with Bernanke on policy. He would agree that "printing money"--i.e., QE3 is wrong. But threatening to rough up Bernanke, or worse? Where will the line be drawn? Will a man like Richard Fisher and his good Republican friends condemn Rick Perry or do they underestimate the Texas Uglies? Or have the the good people just been intimidated? As a start they might want to read the article in Time magazine, Nov 3, 1963. "Texas: A city Disgraced", the Adlai Stevenson affair. In fact, Stevenson and Bernanke seem somehow alike.
I can hear Bernanke's statement should he also be jostled in Dallas-- in fact, thewords of Adlai Stevenson concerning the people who spat on him:
"I don't want to put them in jail. I want to send them to school"