The Fed Needs Focus

I watched Fed Chairman Ben Bernanke on 60 Minutes last night. It was an awful interview with the odious Scott Pelley serving up carefully scripted questions that attempted to focus the blame for the ongoing economic mess solely on banks and Wall Street without a mention of the failed government policies and corrupt politicians that pushed them.

Bernanke was fully compliant in this spin cycle.

Bernanke’s arrogance is a danger to us all. He fancies himself a student and expert on the depression. He holds the myopic view that it was purely the result of the Fed at that time keeping a too-tight hold on the money supply. This is simplistic and wrong. Protectionism and a tax hikes played major roles.

Bernanke thinks he can solve this problem all by himself. If he wants to do us all a big favor the next time he’s in front of Congress or a TV camera he should note that  even if the Fed did everything right they do not control tax policy or create the mountain of regulations that strangle our economy. He does not balance budgets or create the frightening deficit.

He  should do his job and insist that Congress do theirs.

We need a Fed head that will remind us all that no one has ever devalued their way to prosperity and that printing money does not offset government mandated pyramid schemes. The next President should appoint a straight talking, free market advocate as Fed chairman. A stable currency is a basic necessity.

Pat Duggan