this country did not get onto a sound financial footing until it had a stong central bank. i am not in love with either alan greenspan or ben bernake but congressional attacks on the feds power and independence is hugely dangerous; too dangerous.
mistakes were made. but many correct decisions were made also. having a strong independent fed is a requirement for our country. during the meltdown, did you look into the eyes of harry reid and nancy pelosi? deer in the headlights, they didnt have a clue.
this is serious. keep congress away from the fed!
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Being an investment banker, you probably have much greater insight to all things financial than the average American.
Although I am not a saavy investor, I do have some thoughts on your subject.
I liked the iconic Greenspan. I hesitate to say as much for Bernacke, as this whole tarp issue has proven to be a crock.
It seems to me that the Federal Reserve has done wonders for America in the past, and like my grandfather used to say, "if it ain't broken, don't fix it." Congress does not have the right to demand their hand in the pie. They are so far off from what the founding fathers authored (and by the way, it was a volunteer congress, no pay) that they now believe they are entitled to everything.
The current President has the same attitude.
It used to be that my greatest fear was the Soviet threat. I remember the drills at school where you hid in the hallway with your coat over your head.
This current Congress and President have replaced that long-ago fear. Now it is once again for my country and our freedoms. I almost feel like we are sitting in the midst of a house of cards...then poof!!!...it all comes crashing down. It's no longer difficult to figure out. If the Liberals, Progressives, are for it, then I know it is wrong for our country.
So, therefore, I say for the Fed Reserve to keep its independence also. And get these dem bastards out of our government.
ron paul called for the fed to be investigated over a year ago; people thought he was nuts.
considering the fact that fed is a private corporation, the likes of goldmann sachs, etc, and don't forget timothy geitner spending money AT WILL, Obama spending money at will, which ONLY Congress is allowed to do according to our constitution...yes, investigate the fed.
Bruce, get your head out of the sand. The Fed Res. is as corrupt as the rest of them now! Mistakes???? Come on!
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