An Eye-Douching

The Federal Reserve chairman, Ben S. Bernanke, urged senators on Thursday not to strip the central bank of its authority to supervise the country’s largest banks, warning that to do so would pose a “grave mistake.”

I agree with Mr. Bernanke on that front, they strip the Fed of those powers, then they’ll make up an inefficient committee that won’t know what they’re doing or even where to begin. It would be filled with random nobodies and lobbyists from already random committees that don’t do a God damn thing for anything Seriously, Washington is full of a fuck ton of committees, we don’t need another that won’t even get the job done. Yes the Fed has made mistakes, but to try and take away its authority and hand it over to an incompetent group of people would be more than a grave mistake.

But later on in the article, Mr. Bernanke goes on to say that the Fed would be “happy” if Congress could find out a way to strip them of the authority of bailing out large firms. Which is kind of ass fucking backwards being that one of the many reasons that these large firms, including Citigroup one of the largest banks in the world, needed bailing out is because the Fed was not regulating them correctly. He writes down the Volcker Rule, which I’m all for btw, by saying “If you go about imposing the Volcker Rule, I think it would be difficult to do it on a purely legislative basis, because of the potential for having unintended consequences”. The Volcker Rule would prevent the catastrophic events of 2008, that I am POSITIVE will happen again, if there isn’t any reform.

Via NYT