Skip to main content

View Diary: Obama nominates Janet Yellen for Fed chief. If Senate confirms, she'll be first woman in the post (58 comments)

Comment Preferences

  •  I think that this bit: (8+ / 0-)
    There will be calls for a deep audit of the Fed, first pushed by libertarian-when-it-suits-him Sen. Rand Paul of Kentucky
    is something of a neoliberal meme used to deflect any criticism of the FED. It was controversial when proposed, when enacted & ever since, with frequent cries for audits, restrictions & abolition well predating Mr. Paul.

    I know that is not the case here, but I feel boligated to defend criticism of the FED whenever I see this type of statement.

    That, in its essence, is fascism--ownership of government by an individual, by a group, or by any other controlling private power. -- Franklin D. Roosevelt --

    by enhydra lutris on Wed Oct 09, 2013 at 01:04:19 PM PDT

    •  Audit (0+ / 0-)

      Anything which is supported by congressional appropriations has to be audited.

      The FRB doesn't get appropriations, which is one reason that it's good -- maybe the only reason that it's good -- that lender-regulation  was pushed under the Fed. Still, there is no reason to not actually audit it.

    •  Totally agree the Fed deserves ample criticism... (4+ / 0-)

      ...But the deep audit Paul and many other Republicans seek is more of a fishing expedition than merely a serious examination of policy. They're looking for anything they believe could help them cripple the Fed not reform it. On much of the right, it must never be forgotten, the critique of monetary policy is buried neck deep in gold-buggery. That doesn't mean neoliberal policy is the proper alternative.

      Don't tell me what you believe, show me what you do and I will tell you what you believe.

      by Meteor Blades on Wed Oct 09, 2013 at 01:28:56 PM PDT

      [ Parent ]

      •  If it's possible to get a real audit (1+ / 0-)
        Recommended by:
        enhydra lutris

        that serves also as a silly fishing expedition for the Issas of the world, well, I'm okay with that, frankly. That's what transparency is, and it always comes with the risk that people are stupid about what they see.

        Not to dismiss the risk that it could, like the Benghazi matter, be all but derailed by the GOP sideshow so that the real issues don't get any air.* But if there's a chance for greater transparency, I think it's a worthwhile risk.

        * METAPHOR x3 COMBO

        Code Monkey like freedom / Code Monkey like peace and justice too
        Code Monkey very nerdy man / With big warm fuzzy bleeding heart
        Code Monkey like you!

        Formerly known as Jyrinx.

        by Code Monkey on Wed Oct 09, 2013 at 01:39:33 PM PDT

        [ Parent ]

Subscribe or Donate to support Daily Kos.

  • Recommended (148)
  • Community (68)
  • Elections (34)
  • Media (33)
  • Trans-Pacific Partnership (31)
  • Environment (30)
  • 2016 (29)
  • Culture (29)
  • Law (29)
  • Civil Rights (28)
  • Barack Obama (25)
  • Science (24)
  • Hillary Clinton (24)
  • Republicans (23)
  • Climate Change (23)
  • Labor (23)
  • Economy (20)
  • Marriage Equality (19)
  • Josh Duggar (19)
  • Jeb Bush (18)
  • Click here for the mobile view of the site