Bernanke To Congress: Butt Out

Discussion in 'Politics' started by pspr, Oct 2, 2012.

  1. pspr


    I guess Bernanke has forgotten who created the Fed.

    “Bernanke warns congress to butt out of interest-rate policy discussions . . .” is the headline up on the Drudge Report following the speech today by the Federal Reserve’s chairman at Indiana. It sounds to us like the chairman is warning Congress against passing Congressman Ron Paul’s audit-the-Fed legislation and Congressman Kevin Brady’s Sound Dollar Act, both of which would open up Fed policies to inspection. The chairman’s speech marks another step in the Fed and the Congress moving into what might be called open, if polite, confrontation.

    It’s an important story. The fear the Fed chairman is trying to instill is that by conducting an audit of the Fed that includes its interest rate policy discussions, the Congress would open the Fed up to political interference. It strikes us as an illogical reach. The Fed, after all, is running one of the most radical interest rate programs in the history of the central bank. It’s been many an election since we’ve seen the Fed so close to the center of the presidential campaign.

    Indeed, the Republican nominee is running on, among other things, a promise to replace the Fed chairman — and also to establish a gold commission to take a more fundamental look at monetary policy. The chairman himself has entered the fray, declaring at George Washington University that he is against advancing to a gold standard. He has also broken with tradition and started holding regular press conferences to get his own voice into the fray. Now he has the brass to suggest that the Congress to butt out?
  2. JamesL


    I suggest you take some time and read a little Mary Shelley for perspective.
  3. Tsing Tao

    Tsing Tao

    I'm telling you guys, Bernanke should be public enemy #1.
  4. By virtually any measure, Bernanke has been a miserable failure as Fed Chairman. He has had to deal with some difficult problems, but those problems arose on his watch and can fairly be laid at his feet.

    Now he is compounding matters by getting into pissing matches with congress. He is making a big mistake because it is a fight he can never win. All he can do is really annoy them.
  5. achilles28


    Greenspan and Bernacke are traitors. They blew the Naz and housing bubble, bailed out the s&l's, LTCM, the naz collapse, and now the housing collapse. This 20 year monetary trainwreck was done to paper-over the decimation offshoring wrought on North America. Mark my words. Without a compliant Fed, the multi-decade delay between cause and effect, between offshoring and recessions, could have never been accomplished. America is short over 20% GDP, right now. Probably over 25%. That is a complete economic, social and political game changer. But that's the point. Instead of blowing apart some third world shit hole, our leaders in Washington have committed economic warfare against Americans, and soon, the American dollar.
  6. pspr