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To: mrsmith; Kennard
"One point of agreement that I have with Bernanke is that the Fed has done all it can and that the President and Congress must right our economic ship "

Perhaps the "independent Fed" is fed up with Obamanomics and will hold the status quo (lousy economy) 'til November thus guaranteeing a government that will "right our economic ship"?

yitbos

12 posted on 07/15/2012 8:28:17 PM PDT by bruinbirdman ("Those who control language control minds." -- Ayn Rand)
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To: bruinbirdman
guaranteeing a government that will "right our economic ship"

The chances of that are near zero, given the two candidates. What you may have intended to say was that the Fed may be looking for a better Congress. That is possible. That was also the message from John Roberts: if the law needs to change, Congress should do it.

It is telling that the Founder's envisaged three branches of government and we now effectively have four, to include the Fed. Despite being a creature of Congress, the Fed has all the perquisites of a branch of government: independence, vast power, can print money and Vatican-like secrecy, but only two responsibilities: stable prices and full employment. Today the Fed can wash its hands of both responsibilities: they can't encourage stable prices and full employment with the Government running a 10% deficit and 100% debt-to-GDP.

Two appointed officials, Bernanke and Roberts have an enormous influence on our lives.

16 posted on 07/15/2012 9:45:03 PM PDT by Praxeologue
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