Please Someone Show Barney The Door

The central bank is approaching its 100th anniversary, a good time to consider reform. But the reform should be the product of serious discussion and debate. It should not be an ill-considered change in the Fed’s fundamental structure accompanied by political sloganeering about bringing democracy to central banking. Gerald O’Driscoll, Jr., Cato Institute

Just when you thought you had heard enough from Barney Frank, he has come up with another brilliant idea. In a short bill he is promoting getting rid of the regional Federal Reserve Banks that make up the diversity of decision making on the Fed board and leave the “tough” decisions to Washington and Ben Bernanke.

Barney Frank’s ideas starting with the government’s policy regarding Fannie Mae and Freddie Mac and the Dodd-Frank Bill have effectually brought this country to a standstill. He is the prefect example of what’s wrong with government. In this new bill he is proposing to eliminate the voices of main street, the regional Fed banks, and let the decision making come from people who know what they are doing; a laughable and dangerous concept. On PBS last week he was making his case;

“To have people who are simply picked by private citizens who have a disproportionate vested interest, for example, in higher interest rates setting this government policy is just undemocratic.”