Let's Completely Ignore That Congress Is Not Supposed to Interfere in the Fed's Business
By the nature of the agreement between the Fed and Congress, one is not allowed to interfere in the business of the other. As long as the Fed keeps funding the Congressional crack addiction to war, a team of assassins who kill (or maybe unfreeze) without a trial on behalf of a country that allegedly believes in innocent until proven guilty and unnecessary expenditures in the trillions, Congress will keep its nose out of the Fed's business. To do otherwise would risk exposing the fraud to the entirety of the world, and we can't have that. Not when we need the fraud more than ever, even as it is crumbling before all of us.
I try not to specifically target progressives because at the core of my belief system is a Madison, WI upbringing in the days of Paul Soglin that indoctrinated me with such radical concepts as equality for all (OH GOD EVEN THE GAYS!!) but sometimes, they ask for it. Think Progress's Matthew Yglesias tends to ask for it more often than most of his liberal brethren and in the following rant, he asks for it more than I think anyone has ever asked for it ever.
Quick primer: economic stimulation is not the Fed's job. Nor it is Congress's job to tell the Fed how to do their job. In fact, there's some complicated charter that specifically states they aren't allowed to interfere, something about political independence and blah blah blah.
Peep this September 21 post in response to the GOP's stupid letter to Bernanke:
In a move without precedent in the modern era, Republican congressional leaders including House Speaker John Boehner (R-Ohio), Majority Leader Eric Cantor (R-Va.), Senate Minority Leader Mitch McConnell (R-Ky.) and Senate Minority Whip Jon Kyl (R-Ariz) have penned a letter to Federal Reserve Chairman Ben Bernanke urging him not to take any steps to help the economy.
The context for the letter is a special two-day meeting of the Federal Reserve’s Open Market Committee being held precisely in order that FOMC members can inform themselves about the options available. For those of us who are frustrated with the prospect of endless mass unemployment, it was an exciting sign that the federal agency with primary responsibility for managing the short-term fluctuations in the economy is prepared to stop debating whether to end the recession and start debating how. Conservatives, meanwhile, have been increasingly outspoken about their desire to continue or even intensify the hard-money policies that are strangling the economy. When Rick Perry suggested he would treat Bernanke “pretty ugly” if he dared take steps to boost economic growth, his language and tone met with considerable criticism from other conservatives but at a subsequent debate GOP Presidential contenders uniformly agreed agreed that Bernanke should be fired for pursuing unduly stimulative policies.
The truth is the reverse. The Federal Reserve has a dual mandate to focus on employment and price stability. On prices, the Bernanke Fed has presided over unusually low inflation while unemployment is unusually high. The question facing FOMC members today is whether they’ll face up to that reality and take the additional steps they need to fulfill their mandate, or will they back down in the face of extraordinary efforts to politicize their work.
Wow. Really? REALLY?! Does Matthew actually believe that A) the Federal Reserve has the power to employ the unemployed masses and B) the right to do so? That's not what they are here for. Duh.
These GOP idiots are way over-reaching by trying to tell Ben Bernanke how to do his job. When I do it? It's cute. When they do it? It's blatant disregard for the farce of Fed independence. Who cares if it's legit or not, it's all about making it appear to be legit. And that's where the fail lies.