When Will Barney Frank Go Away?

Barney Frank is out again with his legislation that would strip regional Federal Reserve Bank Presidents of their right to vote on monetary policy. In other words they would presumably no longer sit on the Federal Open Market Committee. What a good idea! Then we can have only political appointees beholden to the morons in Washington who want the dollar to collapse. The regional Fed presidents are the only ones puching back against the ultra-doves who have been appointed. The same guy who rolled the dice on the GSE’s now wants to enshrine easy monetary policy in the immediate and internediate term. In the aftermath of the Subprime implosion, there was an outrageous SNL skit that NBC actually had to pull off the net in which it suggested the founders of Golden West financial and Barney Frank as “People who should be killed”. They were not off the mark. The troublesome idea of vigilantism is one I will explore in an upcoming post. The guy who gave us Fannie Mae and Freddie Mac balance sheets stuffed to the gills with toxic securites while their managers made off with millions in pay and bonuses is now concerned that private banks may have too much influence on the Fed. What, we are supposed to believe that Fed policy would be better served by more bearded academics? Please. I have a beard and all these guys do is give beards a bad name. The guy who also gave us Dodd-Frank-enstein is a disgrace, everything he says is garbage and he should have been put out to pasture in tights in the last election.

Comments are closed.