Economic Truth--Obama Ecotrash

John Chapman, a researcher at the American Enterprise Institute stated that, "...the Federal Reserve has been a poor steward of the value of the U.S. dollar, in spite of Fed Chairman Ben Bernanke’s stated commitment to strengthen the greenback. The U.S. government’s tax, trade, and regulatory policies, combined with its profligate spending, have also harmed confidence in the long-term stability of dollar-denominated asset values. Since Senator Barack Obama secured his party’s presidential nomination, the Dow Jones Industrial Average has fallen by more than 1,000 points and the dollar has sunk further, due mainly to the greater likelihood of a $280 billion tax hike after 2010 (when the Bush tax cuts will expire).
In the short run, the Fed must defend the dollar’s value with tighter monetary policy. Meanwhile, in order to minimize the pain of adjustment, Congress should reduce spending, slash the corporate tax rate, and make permanent the Bush tax cuts (which lowered marginal income tax rates and also lowered tax rates on capital gains and dividends)."

Present your arguments, based on fact, or please explain how this inexperienced, freshman senator from Illinois can counter Mr. Chapman's comments.