Wednesday, March 29, 2017

They Didn't Stop The Fire

The auditors are coming:
The bill soared through The House Committee on Oversight and Government Reform after it was passed by voice vote with just around 30 minutes of debate. Libertarians and Republicans have been very supportive of such bills in the past, including the Federal Reserve Transparency Act of 2012 – a creation of then Texas congressman Ron Paul – which was overwhelmingly passed in the House with a bipartisan vote.

This time, however, the Democrats would have nothing to do with the bill, according to Market Watch.

“This bill would open the floodgates to political interference in monetary-policy making,” said Del. Eleanor Holmes Norton, a Democrat from the District of Columbia.

Rep. Carolyn Maloney, a Democrat from New York, said the measure would lead to higher interest rates because it would undermine the market’s confidence in the independence of the central bank.
Massie responded to the Democrats criticism of the bill, saying “It is ironic that the arsonists that caused the financial collapse are now being given credit…for putting out the fire. Almost every macroeconomist concedes in retrospect that [the Fed’s] extended period of easy money led to the financial crisis.”
Democrats often love to take credit for the damage that others fixed...

No comments:

Post a Comment

Gold Star Mine

There's gold in them stars: The colliding stars spewed bright blue, super-hot debris that was dense and unstable. Some of it coalesced i...