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Eighty years after Hoover, Republicans cling to hard money

House Republicans pressed the Federal Reserve chairman, Ben S. Bernanke, on Wednesday to forswear additional actions to stimulate growth...

“The truth is, the Federal Reserve cannot rescue Americans from the consequences of failed economic and regulatory policies” the committee chairman, Representative Spencer Bachus of Alabama, said in his opening statement.

Other Republicans cautioned that an expansion of the Fed’s existing efforts could deepen the nation’s financial challenges by postponing a necessary reckoning and eventually accelerating the pace of inflation.
--NYT, 18 July 2012

The House GOP appears to have taken the position that (1) further monetary expansion won’t work; and (2) that while further monetary expansion might work, it shouldn’t be employed because it would postpone a “necessary reckoning”. In other words, weak growth and high unemployment are good because Americans need to be punished for Obama’s failed policies.