The latest political firestorm comes courtesy of the top four Republicans in Congress (Mitch McConnell, John Boehner, Jon Kyl, and Eric Cantor), who wrote a letter to Ben Bernanke urging restraint on the economy. "We have serious concerns that further intervention by the Federal Reserve could exacerbate current problems," they write. (Full text here from the Wall Street Journal.) Because the Fed is supposed to be a politics-free zone, the letter has set off pundits:
- David Frum, Frum Forum: "Are they serious? ... It’s an hour of national emergency even more urgent and overwhelming than the aftermath of 9/11. ... This is the hour for united action against the economic crisis, not partisan maneuvering."