More Congressional Misdirection and Ineptitude
I have been studying the Ron Paul bill regarding the Fed (Federal Reserve Transparency Act) and a few things strike me not only about the bill, but also about the people pushing it.
First off, the bill is a mediocre at best piece of legislation and at worst a foot on the throat of the capital engine in the nation. While I would agree with a Comptroller General audit of the Fed about 3/4 of the way through a Fed Chairman's term for the purpose of transparency, this bill seems to be pushing much more towards Congressional oversight of monetary policy.
Here's my question: Does it make sense for Congress to have much more say on monetary policy?
Here's my answer: Hell no! And here's why. Congress has done an abysmal job with fiscal policy the past decade, which is much easier to administer than monetary policy. How on earth can we trust them with the more difficult task of economic direction using monetary policy if they can not handle the easier one of fiscal policy?
Largely Congress' failure- which we all know- is due to the lobbying by entrenched and special interests on Congress and Congressional capitulation- or outright bribe taking (anybody else have a problem with Congress people being able to keep their campaign funds when they leave office). I hate to say it, but our congress is about 3/4 bought right now. Until we vote the bums out, and preferably enact two huge reforms- term limits and that unused campaign funds must be donated to the Election Trust fund when leaving office- we don't stand a chance with these guys.
Here's the really fun part. The folks in Congress trying to fix things (if you believe that's what most of them really care about) are the same people who broke things. That kills me. The same people who screwed up are trying to tell us the solutions. Now there is some merit in correcting one's mistakes, however, do we really believe these people have the answers?
Well, a few in Congress have a clue. But not many. We should really get over the notion that our best and brightest are up there in D.C. Our best and brightest are at the second level of management in most cases at privately held companies. We ought to be asking them for 8-12 years of service and somehow find a legit way to compensate them.
Just to drive home the point how bad Congress is right now- on both sides- take for example these idiots jumping on Geithner this week. Really? Really??? Seems like an awful lot of politics from a bunch of screw ups trying to save their jobs. Brady, Burgess, DeFazio, man o man, what a bunch of know nothing and corrupt rhetorical ideologues desperate to save their own butts.
Let's take another moment to look at who voted for the Gramm-Leach-Bliley Act at GovTrack.us (if you don't understand that was the teeing up of the ball for the financial collapse you have no business discussing any of this) and then cross reference the sponsors of the current bill to control the Fed. An awful lot of overlap there. Pretty scary if you ask me.
So finally, take a minute to THINK ABOUT IT all, the way the Kid from Brooklyn suggests.
Come on folks, let's clean house next year. Don't just vote against incumbents, let's go a step further. Vote against incumbents in your party's primary so if you want, you can still vote for your party in the general. Let's create races of new candidates who can all touch the middle with a step and a dive, no more of these imbeciles from either the radical right or the loony left. Come on, du it for the children.