As he says he was in his youth, or is he dumb, evil, or both? After the Fed caused the current economic crisis, Obama proposed yesterday to give the Fed sweeping new powers and authority to supposedly regulate and eliminate “systemic risks” in the economy. You know, the kind of risks the Fed has been in the business of creating for some ninety years now. If the creation of the housing bubble by the Fed is not an example of the creation of “systemic risk,” then there is no such thing as systemic risk (one of Bernanke’s pet research topics when he was an academic).
The Fed will continue to inflate and cause boom-and-bust cycles, including the one that is already in the works and which will dwarf the housing bubble in the next couple of years. Then it will blame that crisis on the “failure of capitalism” and lobby for even more extreme central planning powers.
End the Fed now, before it kills (the economy) again.
