StanCollender'sCapitalGainsandGames Washington, Wall Street and Everything in Between



Jimmy P And Bruce Bartlett Under Personal Attack For Talking Positively About The Fed

29 Sep 2009
Posted by Stan Collender

Over at his Reuters blog, Jimmy Pethokoukis has been subjected to the same type of personal comments attack that CG&G's own Bruce Bartlett did for taking a similar position as Bruce on Rep. Ron Paul's proposal to have the GAO audit the Federal Reserve's monetary policy operations.  After looking at the comments, it's hard not to conclude that this was a coordinated assault (calling it a "response" would be far too mild).  In fact, many of the comments use remarkably similar language.

(Like Jimmy P's blog, CG&G moderates the comments it receives and some of the most vicious responses to Bruce's post were deleted.  We love comments that further the discussion, but those that are vile never see the light of day.)

From my perspective as a fiscal policy observer, it's hard to argue with what Bruce and Jimmy said about giving Congress more monetary policy authority.  Given what's happened on the deficit, does anyone really believe the legislative branch would ever be willing to make any hard choices on interest rates?

'After looking at the

'After looking at the comments, it's hard not to conclude that this was a coordinated assault (calling it a "response" would be far too mild). In fact, many of the comments use remarkably similar language.'
Are you saying that there is a conspiracy to flood the comment sections with responses in favor of the HR1207 bill for a GAO audit of the Fed?

'From my perspective as a fiscal policy observer, it's hard to argue with what Bruce and Jimmy said about giving Congress more monetary policy authority.'
From my perspective, the bill is for an audit, not for setting monetary policy. From my perspective, the American people should know to whom the Fed is lending their money.

'Given what's happened on the deficit, does anyone really believe the legislative branch would ever be willing to make any hard choices on interest rates?'
HR1207 would not empower the legislative branch to set interest rates, but I think that the free market is willing to make the hard choices on interest rates. All it would take is passing HR833, the Federal Reserve Board Abolition Act.




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