Federal Reserve Hiring Lobbyist for Political War
by Thomas R. Eddlem
by Tom R. Eddlem
The Federal Reserve caused the current economic crisis by suppressing interest rates and creating the housing bubble, Texas Congressman Ron Paul, Euro Pacific Capital president Peter Schiff, and others have charged. And now there's finally been enough political push-back for the damage the Federal Reserve has wreaked that the Fed will be hiring a lobbyist.
The Federal Reserve's choice of lobbyist is Johns Hopkins University Vice President Linda Robertson, who serves in a public relations role at the medical school. Robertson served as an aide on Capitol Hill in the House of Representatives. She served throughout the Clinton administration as a senior advisor to three treasury secretaries, and won the Treasury Department's highest award, the Alexander Hamilton award. Her partisan service in the Clinton administration could be a sign that the Fed will tie its future to the Democratic Party, which is currently in charge of both legislative chambers of Congress and the White House.
Robertson has experience lobbying for another Ponzi scheme besides the Federal Reserve, but it is not something she'd likely want to boast about. Bloomberg.com reveals that she headed the Washington lobbying office of Enron Corp., the energy trading company that collapsed in 2002 after an accounting scandal. Not surprisingly, Robertson's Johns Hopkins biography omits her lobbying efforts on behalf of Enron.
Could the Fed be anticipating an Enron-style collapse? The political tides seem to favor a political debacle for the Fed, and even some former Fed officials are realizing it. Some members of Congress think there are votes in attacking the Fed after it unnecessarily and unwisely entangled monetary policy with fiscal policy, former St. Louis Fed President William Poole told Bloomberg.com.
June 9, 2009
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