This appeared today in a Washington Post article entitled “Fed’s approach to regulation left banks exposed to crisis”

“The central bank’s performance has sparked a great debate about its future as a regulator, pitting those who want to expand its role against those who want to strip its powers. It also has come under pressure from politicians seeking greater oversight of its primary job, adjusting interest rates to moderate economic growth. The battles have complicated Bernanke’s bid for a second term as chairman. The Senate Banking Committee voted to approve Bernanke 16 to 7 on Thursday, setting the stage for a January battle on the Senate floor.”

they want to control monetary policy?

Finally I agree with Michael Panzner on something, the Armegeddon is upon us.  While it has been convenient for Congress to blame excessive spending on everyone in Washington  but itself, the truth is irrefutable…Congress has voted in spending measures for decades that have driven the Federal deficit to something like 12 trillion dollars.   Now they feel qualified to help control the monetary policy of the country?

I am no fan of the Federal Reserve, but the very thought of Congress and it’s irresponsible spending habits controlling any more money than they already control makes the hair on the back of my neck stand on end.   The spending bill passed last week had more than 5,000 pet projects ranging from earmuffs (yes, I said earmuffs) to 6 new museums tacked on.  Now I like museums, but it seems to me in a time of swelling deficits that somehow we ought to hold off on a few museums in recognition of our troubling economic plight.   Congress, on the other hand, grinds away blissfully unaware of the plight of our country.

Of course, pork barrel projects and heavy lobbying from K-Street are part and parcel of our current legislative process, but the thought of Harry Reid and Nancy Pelosi in committee trying to figure out monetary policy is frightening.  I’d rather give the job to one of the local Boy Scout troops.  And it’s not just the democrats who are spending crazy, the Republicans are just as guilty.  The Democrats just happen to be in control at the present time.  Can you imagine Barney Frank, who defines the term “doublespeak” opining about what we ought to do with current interest rate benchmarks.  This is a guy who was an integral part of concealing the catastrophic mess at Fannie and Freddie and now claims mea culpa.

As I said earlier, I am no fan of the Fed, but Bernanke has taken some courageous steps to thwart a mess that is not necessarily of his own doing.  Moreover, a major component in our countries struggling economic woes is the crushing debt Congress continues to pile on with the fervor of a child opining presents on Christmas morning,

And now they feel qualified to administer economic policy?   I certainly don’t object to their demand for an annual audit of the Fed accounts, but I don’t want these boneheads anywhere near monetary policy.  Let them stick with overspending our countries resources, they seem very adept at that job already.