Friday, November 5, 2010

Op-Ed: Recent Elections, Congress And The Federal Reserve

By Dr. E. Faye Williams, Esq.
Keep up with the actions the Fed is taking and this QE2 thing that just happened. They knew all along they were going to pump the 600 billion into the economy, and they knew even though the economy was progressing under President Obama that corporations were deliberately withholding hiring so that the President would not get credit for saving our economy and putting more people back to work.

The Fed could easily have announced what they were doing all along and what they were planning to announce yesterday. So wait until these new extreme right wingers (Tea Party folk--whatever!) come to Washington thinking they can change something. Are they in for surprises!

Take note of what happened yesterday regarding the Federal Reserve. The Fed can manipulate this economy anytime it wants to do so (and chose to do the day after the election) and they don't have to have Tea Party or any other approval from Congress. So all this talk about controlling spending (except war spending; they don't ask how we'll pay for that, and eliminating waste and fraud (except theirs; and Congresswoman Michelle Bachman thinks cutting the President's travel budget and having him do teleconferencing will resolve the debt problem that her party created)-- will they be in for a big shock! Wait until they actually have to sit down and negotiate bills (even with their own "just say no party"), they are in for a rude awakening!

They will also learn that Congress does not really control our economy. They are at the mercy of the Fed that Congress created! This is not partisan; this is reality! So try not to be too pessimistic about the recent elections. It would be nice to hear a lot of feel good conversation by Democratic Members of Congress for the next two years; but don't take the really weird stuff coming out of the mouths of some Republicans too seriously because the Fed has just told them how short their leash is. The real system that controls our economy is still in place and will not allow Congress to act too crazy!

It is still through our struggles that we gain our victories. So, cheer up. Make the most of what you have. Do as much good for as many people as you can. Forgive as many people that you feel have wronged you. Join an organization that helps the least of them. (It could be our organization--the National Congress of Black Women.

It could be the NAACP, Urban League, National Action Network, National Council of Negro Women, Rainbow Coalition, Big Brothers-Big Sisters--the list goes on and on.) Be grateful for everything you have, including family and good friends. Take care of yourself while you are at it--and know that the election did not end our world; we've always had to overcome something. I know many of you worked really hard in the recent election, but frustration and anger will not help. It will only consume and destroy us--so let's get over that and keep moving. Get ready for 2012 now so that the results will be different.

(Dr. E. Faye Williams is National Chair of the National Congress of Black Women, Inc. For information, see or call 202/678-6788)

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