Fed getting defensive; me thinks they protest too much

[vinoveri]

Jeff Lacker's turn at the Op-Ed:

The gall and effontry. Do these folks really believe the crap they spew?

"We are not accountable to any Washington politicians, Democrat or Republican. We are politically agnostic and are guided solely by what we believe is the best way to encourage sustainable economic growth anchored by price stability. "

true enough if ones definiton of price stability = 99% loss of purchasing power of the currency over a century


"I know there are many senators and congressmen who understand this well and will resist that temptation. But if Congress tampers with the independence of the Federal Reserve, it will move us toward the politicization of the central bank of the world's greatest economy, putting the U.S. on a road that leads directly to economic ruin."

where have we heard this before ? Threats of ruin no less; boy they must be desperate.



http://online.wsj.com/article/SB1000...ctions_opinion

[GRG55]

Re: Fed getting defensive; me thinks they protest too much

Jeff Lacker's turn at the Op-Ed:

The gall and effontry. Do these folks really believe the crap they spew?

"We are not accountable to any Washington politicians, Democrat or Republican. We are politically agnostic and are guided solely by what we believe is the best way to encourage sustainable economic growth anchored by price stability. "

true enough if ones definiton of price stability = 99% loss of purchasing power of the currency over a century


"I know there are many senators and congressmen who understand this well and will resist that temptation. But if Congress tampers with the independence of the Federal Reserve, it will move us toward the politicization of the central bank of the world's greatest economy, putting the U.S. on a road that leads directly to economic ruin."

where have we heard this before ? Threats of ruin no less; boy they must be desperate.



http://online.wsj.com/article/SB1000...ctions_opinion

It's just part of the all out effort, marshalled over the weekend, to get Bernanke's re-appointment over the finish line.

All the usual stuff including threats [the global financial system will melt down if Bernanke isn't re-appointed], intimidation [Fisher's column posted above], hugs and kisses [Obama's repeated claims of support and statement that Ben's the best man for the job], and cloak and dagger [Majority Leader Reid's threat to ram through a cloture vote to get around the Sanders/DeMint filibuster].

The only thing they haven't tabled yet is a letter of endorsement from his mother [Ben was always such a considerate young man...]. :rolleyes: