Results 1 to 3 of 3

Thread: Senator Bunning: The Fed, GSEs and Socialism

  1. #1

    Senator Bunning: The Fed, GSEs and Socialism

    Republican Sen. Jim Bunning of Kentucky, a member of the Senate Banking Committee and a longtime thorn in the side of the Fed (and the only senator to vote against Greenspan’s confirmation in 2004) took more swipes at the central bank in his statement during the question-and-answer session with Fed Chairman Ben Bernanke.

    “The Fed is asking for more power. But the Fed has proven they can not be trusted with the power they have. They get it wrong, do not use it, or stretch it further than it was ever supposed to go. As I said a moment ago, their monetary policy is a leading cause of the mess we are in…

    Now the Fed wants to be the systemic risk regulator. But the Fed is the systemic risk. Giving the Fed more power is like giving the neighborhood kid who broke your window playing baseball in the street a bigger bat and thinking that will fix the problem. I am not going to go along with that and will use all my powers as a Senator to stop any new powers going to the Fed.

    “Instead, we should give them less to do so they can do it right, either by taking away their monetary policy responsibility or by requiring them to focus only on inflation…

    Let me say a few words about the GSE bailout plan. When I picked up my newspaper yesterday, I thought I woke up in France. But no, it turns out socialism is alive and well in America. The Treasury Secretary is asking for a blank check to buy as much Fannie and Freddie debt or equity as he wants. The Fed’s purchase of Bear Stearns’ assets was amateur socialism compared to this.”
    Thank God... someone had to say it.

  2. #2
    All Pro
    Join Date
    Sep 2007
    Wildcat Country
    He's right. But it's going to happen. What a joke.

  3. #3
    All League
    Join Date
    Nov 2004
    Quote Originally Posted by jefethegreat View Post

    Thank God... someone had to say it.
    +1! big time


Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts

Follow Us