• 12 Aug 2009 at 10:12 AM

Congress Would, However, Love To Boot The Beard

reuterscomm.pngAs a part of our “All Beard Wednesday” programme, we would like to call your attention to a Reuters piece so bold as to compare the Fed Chairman to Clark Kent and Superman.
True, the piece badly mixes metaphors, implying Superman was some kind of “swashbuckler,” and lamenting that Bernanke might lose some of “his swashbuckling spirit.”

The Fed has every reason to be politically intimidated. Relations between lawmakers and the Fed are close to an all-time low.
Much congressional ire has been focused on the Fed’s role in bank bailouts. There has been nervousness over its expanded balance sheet, which more than doubled during the crisis to around 14 percent of GDP.
For some Republican Senators such as Jim DeMint, the Fed’s purchase of U.S. Treasuries has been aiding and abetting “reckless” spending by Obama. DeMint is not alone in believing that credit easing is a covert means of devaluing the dollar. In the House an increasing number seem willing to listen to obsessively anti-Fed Congressman Ron Paul.

It is not surprising that correspondents for foreign outlets might be desirous of a more activist and powerful Fed. They, after all, seem less blinded by the trappings of power and can therefore, see what a pack of knee-biting wild dogs Congress is, and how completely they will destroy the United States if permitted to tinker with the structure of the Fed- much less continue to meddle with the economy.
Bernanke: Back to Clark Kent [Reuters]

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Comments (8)

  1. Posted by guest | August 12, 2009 at 10:21 AM

    chirp, chirp, chirp
    - the Crickets

  2. Posted by guest | August 12, 2009 at 10:23 AM

    Bring Back Bess! Bring Back Bess! Bring Back Bess!

  3. Posted by guest | August 12, 2009 at 10:31 AM

    you swishbuckler

  4. Posted by guest | August 12, 2009 at 10:36 AM

    @1 I heard you guys were over at Clusterstock.

  5. Posted by guest | August 12, 2009 at 11:26 AM

    Ron Paul will keep kicking the Beard in the nuts until he goes back to Princeton.

  6. Posted by guest | August 12, 2009 at 7:54 PM

    A more active and powerful Fed will get us what we already have more actively and powerfully.
    Financial market manipulation by the Fed has created these economic bubbles and even more insidiously, has moved this country ever closer to a super-regulated state.
    This country has been spoon fed a diet of Fed PR for years. While hailing themselves as the beacon of financial stability, they have undermined the value of the dollar, hidden actual inflation figures, and increased their position and control of the US economy as we know it. This country did fine before there was a Fed. The dollar lost almost no value i.e. inflation prior to the Federal Reserve Act. Since the Fed? continuous devaluation and increased debt.
    Many people bought in to the PR line and had a hard time thinking for themselves. I guess the author of this article is their chief.

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