re: #134 Sharmuta

I think the issue isn’t the Fed so much as Congress. They’re the ones who spend the money. Audit Congress.

That would be fine with me, too. Whether a formal audit is in order for the Fed or not, they seem to be immune to much criticism because nobody wants to agree with Ron Paul about anything.

I do think there sometimes an under-appreciation of Fed policy on the overall health of the economy. Either through direct actions or “tipping” statements.

For instance, I don’t think it was helpful (in fact it was harmful) to cut interest rates back to 1% in 2003 at the same time Greenspan was winking at ARM loans.

Of course, if you ask Greenspan now, it’s the fault of foreign countries that the sub-prime bubble came to be and Fed policy had nothing to do with it. I don’t believe that Fed wasn’t a big contributor.

Monetary policy is a dry and sometimes arcane topic, yet it is very impactful.

Yeah, I know. Ron Paul.