Apparently, they don’t think very highly of money printing in Texas if Governor Rick Perry’s comments about a third round of quantitative easing from the Bernanke Fed are any indication, the governor clearly restraining himself when he said, should the central bank do so, they’d “treat him pretty ugly down in Texas” before calling such an act “treasonous”.

Fed chairmen generally avoid making big changes to monetary policy during an election year and this is one good argument for Bernanke taking action sooner rather than later. Announcing a trillion dollar QE3 in May of 2012 – six months before the election – would have a completely different feel to it than one launched in September of this year.