New York Sun: The Fed's right mind?

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From the New York Sun
Friday, February 6, 2015

It looks like the Federal Reserve is starting to worry about Senator Rand Paul's plan to audit the central bank. The way the Hill newspaper, which covers Congress, puts it this week is that the Fed is "lashing out" at Mr. Paul's plan, which, it said, could gain traction now that the Republicans are in control of the Senate as well as the House. It quotes the president of the Dallas Fed, Richard Fisher, as demanding, in an interview, "Who in their right mind would ask the Congress of the United States -- who can't cobble together a fiscal policy -- to assume control of monetary policy?"

Who in their right mind? How about George Washington, James Madison, Alexander Hamilton, and the rest of the rest of the authors of the Constitution. ...

If the Congress is so inept at budgeting, why has the Federal Reserve been buying up the paper it's kiting? The Fed has taken onto its books more than $2 trillion in federal debt. ...

... For the complete commentary:

http://www.nysun.com/editorials/the-feds-right-mind/89032/



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