[Ratman83]

If Congress would do the job that was assigned to it by the Constitution it would be better. Since Congress pass the job off to someone else, there is now no way to hold the Fed responsible for their actions. Additionally the congress now says it is not our fault but it is because they are not doing the job.

This would be meaningful because the Congress would be beholden to the people. Nothing is perfect but the Federal Reserve is beholden to none and it is a disaster.

[monocle]

Assuming Congress would take over the duties of the Federal Reserve, what guarantees can you point to which insure Congress would act in a responsible fashion. There will always be times, such as the late seventies and the early eighties when both unemployment and inflation were highly worrisome. Solutions to these two concerns presented a dilemma does Congress bow to a major Democrat constituency or a major Republican constitueny?

`I would be more worried about populism controlling our financial sector. Congress still retains oversight over the Federal Reserve as is confirmed by the ongresshearings before Congress. I suspect that Congress ceded power to the Federal Reserve so members of Congress could avoid blame for financial problems - so much for Congress being beholden the people.

[Stentor]

If Congress would do the job that was assigned to it by the Constitution it would be better.

Exactly. And only the job authorized by the Constitution. I'm trying to get my head around the idea of the Founders' view of some academic rat bastard who represents private banks being in control of absolutely everything. I don't care what kind of "job" he's doing.