http://online.wsj.com/public/resources/documents/20091119Volcker-GreenspanLetter.pdf How come the perma 'hike rates' volcker fans are now not paying attention? Dont you think a man who has been at the Fed and had to hear "You're high on the hit parade for lynching" from CONGRESS due tight money(thats a real quote), has a good idea of whats best for future monetary policy?
Seems strange of him. Well, I'm amazed people are actually listening to him at all, he got ignored for quite a while. I like Volker but I like Ron Paul more. I hope Ron's bill passes and both wall street and the Fed shatter into little pieces.
That would be better than the alternative that is coming down the pipeline if Wall St. isn't abolished.
Some people prefer to be poor in a society where everybody is piss poor rather than be middle class in a society with 1% super rich
I think the problem is that, in Volcker's Fed, the Fed independence from Congress was vital as they worked hard to assure inflation was in check - doing the unpopular thing because it was good for the country. The difference is that NOW, the Bernanke Fed is already political, and is not prepared nor willing to do the right thing for the country, but instead would prefer to save it's pals while bankrupting the American people in the process. If Volcker was Fed Head, I wouldn't be so concerned with auditing them either. Of course we'd never have gotten where we are with him there - this is my belief only.
Banks have been going bankrupt since the dawn of men. Did the crash of 29 stop the US of becoming one of the greatest superpowers in history? Did the Weimar episode stop Germany from becoming a global export powerhouse only 2 generations later? Wasnt Japan Bankrupt as well last century? Why the angst?
Yeah no kidding, whack the bankers, take their assets and positions away (and throw them into concentration or re-education camps), burn down Wall Street, empower the scientists and engineers of America, throw out the illegals and other freeloaders, and I think America could come back quite nicely. New financial system based on a simple concept, if you commit fraud or steal money, your destiny is not sipping pina coladas in Tahiti, but rather, a bullet to the head.
Very possibly true, but how is a politically motivated Fed audit going to improve things, i.e. make the Bernanke Fed less, rather than more, political?