"Don't Audit the Fed" Says This Dude from the Fed
March out the clowns!
Reuters' James Pethokoukis has an incredibly pathetic fluff piece on HR 1207 complete with "experts" and "opinions" and even validations against the argument. It's really a masterpiece and I recommend you spend no more than 2 minutes skimming the article just for the LOLZ (do people actually buy this stuff?).
The piece may be found here: 6 economists on why Ron Paul’s Fed audit idea is wrong
But let's check out this dude. Pethokoukis had limited space and limited time to do his "man on the street" interviews of "leading" economists and picks this guy?
Anil Kashyap, University of Chicago
An audit suggests that they can force them to supply all the background information in real time that goes into a decision and presumably compel all members of the FOMC to share their thinking on any issue in real time. This information is disclosed after 5 years, with good reason.
The spirit of the Paul bill seems to be that having FOMC meetings live on C-SPAN would be best way to make monetary policy. That would be a disaster. (Akin not just to having Supreme Court arguments on TV but also the process of them writing the decisions being televised.)
You want people to be able to change their mind and to be able to vigorously debate all sides of an issue. If you put all this in public and subject to immediate second guessing it will shut down the give and take that is critical to reaching good decisions.
Let's look at Mr Kashyap's resume, shall we?
Prior to joining the Chicago Booth faculty in 1991, Kashyap spent three years as an economist for the Board of Governors for the Federal Reserve System. He currently works as a consultant for the Federal Reserve Bank of Chicago, and serves as a member of the Economic Advisory Panel of the Federal Reserve Bank of New York, and as a Research Associate for the National Bureau of Economic Research (NBER).Bwhahahahaha LMFAO! I take it no one was attempting to make Mr Kashyap appear independent!
Who said FOMC meetings should be broadcast on CNBC? Hey, it might actually beat the crap that's on there now.
This is a joke. And JP can consider himself on the punishment list for cranking out this crap.