Whatever Do You Mean?Posted: 22 September 2011
The Fed has been doing little things to try and keep the economy from bottoming out….like keeping interests rate near zero…thus making money more available to the innovators….but so far few have taken the bait…..but once a month there is all kinds of stories about what the Fed chair, Bernanke, is going to do to help the economy….
But there has been a turn of events…..it seems that some in Congress have taken it upon themselves to write a letter to Bernanke……
“[W]e submit that the board should resist further extraordinary intervention in the U.S. economy, particularly without a clear articulation of the goals of such a policy, direction for success, ample data proving a case for economic action and quantifiable benefits to the American people,” the Republicans write.Sens. Mitch McConnell (R-KY) and Jon Kyl (R-AZ), and House Speaker John Boehner (R-OH) and Majority Leader Eric Cantor (R-VA), ostentatiously cautioned Bernanke against providing the economy any further monetary stimulus.
Can Repubs be any more transparent?
Cool letter….but……According to the Board of Governors, the Federal Reserve is independent within government in that “its decisions do not have to be ratified by the President or anyone else in the executive or legislative branch of government.”
However the Fed is subject to congressional oversight but not interference.
But the letter seems to warn the Fed from doing anything that may help the economy…now is it a desire to try and use it as a political tool? Or are they truly worried about something? Personally. I think it is a pathetic attempt to keep the economy in the toilet for as long as possible.