Posted on 01/21/2010 7:17:49 PM PST by kristinn
There was a crawler on Fox News tonight saying it is expected Bernanme will stay put.
What ever happened to that audit that the Federal Reserve was fighting?
The issue with the Fed is that it is a privatly controlled bank (actually a conglomerate of large banks that participate in the Federal Reserve System, so its more accurately called a Cartel) and as such there is no mechanism for removing its members from power. With their ability to control monetary policy they are in a unique position to either help or hinder the economey as a whole far more effectivly than the government depending on what aim they are wishing to accomplish. While there is nominal input from the people (in the form of Senate confirmation of the Chairman and appointment by the President), practicly there is no input on the actual operations of the Fed, we just have to trust them that what they are doing is the right thing. For an organization with as much power in society as they have I personally find this abhorrent.
Even with the Audit the Fed bill currently making its way through Congress there would still be no noticible change in day to day operations or oversight, a periodic audit by the Senate Financial Services Committe is something to be sure, but lets not kid ourselves here, the Fed really isn't worried about it despite what Benny boy says. I like that Ron Paul started that bill and that it has so much support, but the only reason it does have that support is that it doesn't really threaten the Fed.
Wed have gone bankrupt already with these idiots running the place.
In case you've been living under a rock for the last 40 years, heres a news flash. The US has been bankrupt for a very long time now, but the Fed has been running the presses for at least as long to keep the party going.
Populism is stupid. He will ride it straight into the ground. It won't benefit the actual economy and nobody will vote for him for beating up on bankers, when it just keeps the economy smashed.
The economy recovers strongly when banks make loans again, which will happen five minutes after people stop welshing to them on every piece of paper ever, and pols stop using them as punching bags.
Which could be never, I suppose...
A right that believes this crap will never attain power and doesn't deserve any.
Bernanke has done a brilliant job and should be confirmed by the senate immediately. The Fed acted decisively and brilliantly during the depths of the financial crisis in 2008 and prevented another great depression. The culprits in this crisis are irresponsible mortgage borrowers, overconfident mortgage lenders, and people like Barney Frank and Chris Dodd who wrote legislation that pushed the banks and FNMA into so much sub-prime mortgage lending. Opposition to Bernanke in the senate is nothing more than vacuous political posturing by some of the same politicians who helped to create the crisis. If Bernanke is not confirmed, that will do more damage to the confidence of investors and would also be a great injustice to Mr. Bernanke.
Keep congress out of the Feds' business! If congresscritters get involved in setting interest rate policy that will surely lead to much higher inflation in the future because congress will surely want to keep interest rates too low for its own short-term political benefit (by juicing up the economy in the short run). The LAST thing we want is people like Chuck Schumer and Barabara Boxer with any control over interest rates and monetary policy.
So you’re drinking the “jobless recovery” koolaid?
Nobody hear knows any actual economics, and doom mongering spin is no substitute.
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