The Soapbox

Joined: 04/30/2006 Posts: 44682
Likes: 60757

What's this?

Not sure I follow.

The current chair was an Obama appointee and the prior (Bernanke who was chair for most of Obama’s tenure) a Bush appointee. They do not answer directly to the president the way the head of the EPA does and are not under appropriations by Congress. They are about as independent and apolitical as it gets in government.

On the critique, they haven’t always knocked the ball out of the park for sure and personally thought Greenspan was a lousy chairman, but the Fed plays a relatively limited role in regulating the overall banking system (along with several other regulators of varying independence). You seem to be attributing them with the 2008 bank failures and the subsequent bank bailouts which is more than a little misplaced IMHO. And the bailouts (which Bernanke supported) probably saved our economy moral hazard or not.

They do control monetary policy and thankfully did a great job keeping the economy from imploding during the Great Recession in that regard. They deserve credit for that, and all the bozos yelling and screaming about hyperinflation and buying up gold more or less look like fools in hindsight.
[Post edited by WahooRQ at 06/22/2019 11:37AM]

(In response to this post by Hooooooooooooooo)

Posted: 06/22/2019 at 11:35AM

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