Bernanke Says Dodd Plan Would Harm Fed’s Ability to Spot Risks
I don't know. The Federal Reserve Bank is already very effective at avoiding spotting risks.
The Federal Reserve Bank let the entire American economy crumble before even noticing there was a problem. And for the last year everything the Federal Reserve Bank has done has worked to prolong the economic crisis the Federal Reserve Bank never saw coming. So I don't think any legislation will have any effect on what the Federal Reserve Bank is supposed to be doing. The Federal Reserve Bank will still be able to continue to avoid spotting any risks, and continue avoiding doing anything about any problems that become too big to ignore.
We want to have a connection to Main Street as well as to Wall Street,” Bernanke said. “We need to have insights into what is happening in the entire banking system.”
No one ever stopped the Federal Reserve Bank from paying attention to the economy. Nothing anyone is capable of doing has been able to force the Federal Reserve Bank to pay attention to the current economic crisis and do anything about it.
Considering how long and how hard the Fed has struggled to keep the blinders on to avoid seeing any problems in the economy, I wouldn't worry about this or any other bill that will force the Federal Reserve Bank to change their policy of ignoring any developing problems and then doing nothing to fix the problems.
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