How Ben Bernanke is Helping Rick Perry Win the White House

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Brad Plumer points today to a Dallas Fed report that, rather amusingly, demonstrates that a big reason Texas has done well during the recession is because of Fed policy. Roughly speaking, most of the Fed’s monetary policy works through bank channels, and since Texas banks were in better shape than most (thanks to Texas’s mild housing bubble), the Fed’s actions were especially effective there. That’s pretty interesting. But for sheer comedy gold, this chart is my favorite:

That “debased” dollar that tea partiers keep screaming about? Actually, it’s not really very debased in the first place. But it has weakened over the past couple of years, and it’s weakened especially against Texas’s major trading partners, primarily Mexico. And the Texas economy has benefited from that.

Maybe Rick Perry needs to send Ben Bernanke a a fruit basket or something?

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DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily crazy—Mother Jones' journalism is driven by one simple question: Will America will move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

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