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Stupidity and Ignorance on Capitol Hill
NRO ^ | July 20, 2007 | Michael T. Darda

Posted on 07/24/2007 3:36:36 AM PDT by IrishMike

Our congressional leaders showed their true colors during this week’s sit-down with the Fed. Federal Reserve Chairman Ben Bernanke presented his semi-annual monetary report to Congress this week. Bernanke was disciplined and on message. Unfortunately, the same cannot be said of Congress.

Members of both the House and Senate appeared ill-prepared and off-message, using their time to address the extraneous and irrelevant (to monetary policy). How, for instance, is the Fed chairman supposed to influence poverty and college loans with the federal funds rate?

Many congressmen and women have tried to beat up Bernanke over wages not rising fast enough relative to inflation (including food and energy). Not only do many members of Congress have their facts wrong (real non-supervisory wages have risen at two times the rate during this cycle than the first five-and-a-half years of the last), but they’re inconsistent since not one would want the chairman to hike the funds rate because of the elevated energy prices they decry.

In other words, congressional “leaders” berate the Fed chairman over high energy prices, lampoon him for a focus on core inflation, and then scold him for having raised rates too much! It’s a heady combination of hypocrisy, stupidity, and ignorance that’s otherwise known as Washington D.C.

In any event, for those who were actually listening, there were several important takeaways from the Bernanke testimony. The Fed slightly lowered its estimates for 2007 and 2008 growth, but kept its inflation forecasts unchanged. This necessarily implies that the Fed has lowered its estimate for productivity (potential), which is why the downward tweak to its growth estimates didn’t impact its outlook for inflation or the unemployment rate.

(Excerpt) Read more at article.nationalreview.com ...


TOPICS: Business/Economy; Extended News; News/Current Events; Politics/Elections
KEYWORDS: 110th; 2008; congress; democrats; economy; electionpresident; elections; fed; govwatch; nro

1 posted on 07/24/2007 3:36:38 AM PDT by IrishMike
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To: IrishMike

Ignorance can be cured by reading a book. Stupidity is for life. If you don’t believe it look at who’s in running of the rats in congress.A killer, a kkk member, an impeached fed. judge, a graft taker, a military fraud, and the list goes on.


2 posted on 07/24/2007 4:49:03 AM PDT by G-Man 1
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To: IrishMike

No matter where the forum, the Dems are only interested in soundbites that can be used in the next election. Winning in 2006 was just the prelude to the nastiness we can expect from the Dems, the MSM, etc. in 2008. We are in for a real battle next year.


3 posted on 07/24/2007 5:06:33 AM PDT by originalbuckeye (I want a hero....I'm holding out for a hero (politically))
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To: IrishMike

mark


4 posted on 07/24/2007 6:29:49 AM PDT by Christian4Bush ("Congress shall make no law abridging the freedom of speech." Hold a hearing on that.)
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