[QUOTE=dmitexxi;4494151]Let me rephrase that as it needs refinement, and I'll start by saying that I'm of the belief that Federal Reserve Bank should cease to exist; but given the current structure Fiscal and monetary policies should only focus on a goal. The federal reserve should not haven been dictating/cheerleading/fear mongering the Billions of dollars for the tarp program which comes out taxpayers pockets like you and I.
Their sole purpose should have been to make The cost of borrowing money cheap and accessible, and not influence what the federal government does with their revenue from OUR tax dollars. Now if your ok with an group of non publicly elected officials intervention on fiscal responsibility and private markets, that sounds like something else to me.[/QUOTE]
TARP was supported by both the Treasury secretaries of both President Bush and President Obama and passed by Congress. I'm perfectly okay with professors, the head of the Federal reserve and any other economic experts testifying before Congress so they can make an informed policy decision. What's the problem? The Fed didn't pass TARP, Congress did.
TARP was administered by the Treasury under the President. The Fed simply had a consultation role. The Treasury Secretary had full discretion when it came to where TARP funds went.
Anyone can influence Congress in fact Congress holds hearing regularly to get the advice of experts on a variety of topics before passing legislation.