Because His Financial Expertise Has Been So Useful
unlike the rest of the gubbmint, he can run a whore house
Bawny Fwank is here to he’p us again…
Rep. Barney Frank, the chairman of the U.S. House of Representatives Financial Services Committee, said he plans legislation to restrict the Federal Reserve’s emergency lending powers and subject the central bank to a “complete audit."
...[A bill] ...audit Fed interest-rate decisions has won the co-sponsorship of more than half of the House. ...incorporated in broader legislation to revamp U.S. financial regulation that would likely pass the House in October.
Sounded good to me at first… But then I began to read.
...auditing the Fed’s daily operations will cause it to succumb to political pressure, lose control of the money supply, and create sticky inflation that could be much worse than the 1970’s. America is an angry nation right now. When it comes time to vote on the bill, it remains to be seen if cooler heads will prevail or if America will swallow the economic suicide pill.
Doesn’t sound so hot, now, does it. And further worrying me is an endorsement by Bawney Fwank—nothing that little mumble has done has worked out well for US.
Thoughts?
This is a tough one. On one hand, if Frank is for it, I’m agin’ it.
On the other hand, FNMA &c were unaudited, and look at the mess they got into. And I’m not strongly persuaded by the “pickyinvestor” piece.
I s’poze that what matters is who does the auditing. If it’s the little guy with the briefcase, the glasses and the starched collar, it’d be OK.
Posted by ZZMike on 09/09/09 at 06:55 AM
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