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Originally Posted by Frieza_Prexus  stuff |
Nice, well thought out post for once, instead of flaming anti-semitism.
- When I majored in Econ for bit (until I realized an undergrad degree in Econ means no job without a PhD - I ended up in Finance and Accounting), one of my profs who worked for the Fed showed enough evidence of how it was working. He did show plenty of information that the US Fed was the most credible central bank at tamping down inflation.
- When got my MBA, both Econ professors and the highest rated professor in the school talked about how good a job the Fed has done historically. Its done fine, other than the last ten years. And one of them showed enough evidence that markets do not regulate inflation on their own. Suppliers do not want to cut prices, even though they should. I firmly believe you need people in charge of the process that are removed from voting, because your average American wants economic growth now and has no idea what could happen later (i.e. skyrocketing inflation).
I am not going to use names, given that they talked about how they didn't want their name out there. One of them talked about how he'd get hundreds of emails a day, and alot of them were from people they never met.
The point is that these were all credible sources. If there was a problem with the Fed, its the performance over the last decade.
And I really believe that if we have congress oversee inflation, we'd be screwed. As one of my profs (who worked at the Fed) put it, if the ruling party is in trouble vote-wise, they will just put stimulus out there that causes inflation for years and years. This is because they can then claim that the economy is growing (even if inflation is killing us).
While he was at the Fed, they would tighten up monetary policy to combat what Congress was doing, because they knew it was bad or the economy.
Congress can't balance spending or fix social security. And every time I watch them during these hearings, you can tell they know jack-squat about the economy. I don't trust either party to do the Fed's job - they've proven they can't handle what is on their plate. Why put more on their plate?
