VIDEO: Ben Bernanke is scared shitless that the Fed will be audited

[nimue77]

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Watch Ben respond to a question about H.R. 1207... of course he lies/exaggerates/pushes the misconception that the bill will give control of monetary policy to the Congress...

 

[quantumleap]

Bernanke: "I don't think the people want Congress running monetary policy."

You stupid criminal fuck! You just explained that they would audit monetary policy, not run it.

He also said that if the Congress audited monetary policy, for example why interest rates are raised, then the Fed wouldn't be independent. Well no shit! We don't want the Fed to be independent!

 

[punter]

Bernanke: "I don't think the people want Congress running monetary policy."

You stupid criminal fuck! You just explained that they would audit monetary policy, not run it.

He also said that if the Congress audited monetary policy, for example why interest rates are raised, then the Fed wouldn't be independent. Well no shit! We don't want the Fed to be independent!

My mind is not made up on this but your argument sounds a bit like a guy last year who was perplexed over supreme court judges having a lifetime appointment.

Stability from day to day popularity swings is an important thing.

 

[quantumleap]

My mind is not made up on this but your argument sounds a bit like a guy last year who was perplexed over supreme court judges having a lifetime appointment.

Stability from day to day popularity swings is an important thing.

I agree that the economy has to have stability. But do we want that responsibility given to someone with no accountability? The Fed is not a part of the checks and balances of the nation like the Supreme Court is.

 

[punter]

I agree that the economy has to have stability. But do we want that responsibility given to someone with no accountability? The Fed is not a part of the checks and balances of the nation like the Supreme Court is.

They have the Director who is appointed for 6 years and then (?) a bunch of governors. Looks to me as though they have more scrutiny than the supreme court.

 

[rolltide]

wow, he was so nervous answering this question he sounded like Obama without a teleprompter. Gasping for breath, stuttering over words, searching for terms that weren't used correctly

"the congress already looks at our books?" ... what a lie

I don't want congress or the fed running monetary policy...

this tool, and the whole system, is just disgusting

 

[quantumleap]

They have the Director who is appointed for 6 years and then (?) a bunch of governors. Looks to me as though they have more scrutiny than the supreme court.

The Supreme Court's decisions are published for everyone to see. You can't say that about the Fed.