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View Diary: Ten True Facts Guaranteed to Short-Circuit Republican Brains (197 comments)

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  •  #7 (0+ / 0-)

    You can disagree with Fed policy—I think they are so afraid of inflation that they completely ignore employment, in spite of their mandate—but I'm not sure what the alternative is.

    I guess I can't tell if you're saying this as a way only to blow up Republican minds or as a way to blame them for some of these things, but...

    if it's the latter, then we must be talking to a Paulista and not a Wall Street Republican, and...

    ...the alternative is worse. Before the Fed, there were a series of currency panics every few years, things were even more deflationary, and a completely private group of bankers led by JP Morgan basically controlled monetary policy, without even the pretense of public oversight.

    So, while I strongly support a "better Fed," I certainly don't think getting rid of it would be helpful.  

    GOP: The Party of Acid rain, Abortion of the American Dream, and Amnesty for Wall Street.

    by Attorney at Arms on Tue Sep 04, 2012 at 04:30:13 PM PDT

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