Quote of the Day: “The Republican Party Left Me”

For indispensable reporting on the coronavirus crisis, the election, and more, subscribe to the Mother Jones Daily newsletter.


From former Fed chairman Ben Bernanke, in his new memoir, The Courage To Act:

[I] lost patience with Republicans’ susceptibility to the know-nothing-ism of the far right. I didn’t leave the Republican Party. I felt that the party left me.

This is, of course, a deliberate echo of Ronald Reagan’s famous line about the Democratic Party leaving him. And it’s hard to blame Bernanke. The know-nothing wing of the Republican Party rebelled against the TARP rescue package at the height of the economic meltdown. They howled that low interest rates would lead to imminent hyperinflation. They resolutely refused to consider fiscal stimulus despite Bernanke’s repeated pleas (see helpful illustration below from 2011). They wanted to audit the Fed. They wanted to end the Fed. They wanted to put us back on the gold standard. When Bernanke told them that spending cuts would lead to higher unemployment, Rep. Kevin McCarthy refused to believe him. Now he’s about to become Speaker of the House.

Bernanke was no leftist, he was just a mainstream economist—and a cautious one. It didn’t matter. Republicans didn’t want to hear anything that interfered with their hard-money frenzy, even from one of their own. So they abandoned him.

DOES IT FEEL LIKE POLITICS IS AT A BREAKING POINT?

Headshot of Editor in Chief of Mother Jones, Clara Jeffery

It sure feels that way to me, and here at Mother Jones, we’ve been thinking a lot about what journalism needs to do differently, and how we can have the biggest impact.

We kept coming back to one word: corruption. Democracy and the rule of law being undermined by those with wealth and power for their own gain. So we're launching an ambitious Mother Jones Corruption Project to do deep, time-intensive reporting on systemic corruption, and asking the MoJo community to help crowdfund it.

We aim to hire, build a team, and give them the time and space needed to understand how we got here and how we might get out. We want to dig into the forces and decisions that have allowed massive conflicts of interest, influence peddling, and win-at-all-costs politics to flourish.

It's unlike anything we've done, and we have seed funding to get started, but we're looking to raise $500,000 from readers by July when we'll be making key budgeting decisions—and the more resources we have by then, the deeper we can dig. If our plan sounds good to you, please help kickstart it with a tax-deductible donation today.

Thanks for reading—whether or not you can pitch in today, or ever, I'm glad you're with us.

Signed by Clara Jeffery

Clara Jeffery, Editor-in-Chief

payment methods

We Recommend

Latest