Is “The Fed” is the new FEMA?
A summary of the commonalities:
1) An obvious failure to prepare for the sort of cyclical event that was predictable and plausible and would disproportionately harm poor people and minorities. (Thanks to a combination of incompetence and ideology—the governing principle of the Bush administration seems to be that the best way to delegitimize big government is to make sure that it functions poorly.)
2) When the deluge came, the Bush-appointed leaders of both entities, like their counterparts in relevant Cabinet agencies, failed to recognize the severity of the problem, even in the face of mounting evidence.
3) In both instances, the failure to respond in a timely manner was aggravated by a post-debacle misdirection of government resources.
4) In both instances, the combination of incompetence and neglect in the face of disaster drove emotive cable TV news divas to on-air meltdowns.
The full essay is worth the read. Too bad Bill Clinton caused all this. Bad Clinton!
“Since the creation of the Federal Reserve, middle and working-class Americans have been victimized by a boom-and-bust monetary policy. In addition, most Americans have suffered a steadily eroding purchasing power because of the Federal Reserve’s inflationary policies. This represents a real, if hidden, tax imposed on the American people.
From the Great Depression, to the stagflation of the seventies, to the burst of the dotcom bubble last year, every economic downturn suffered by the country over the last 80 years can be traced to Federal Reserve policy. The Fed has followed a consistent policy of flooding the economy with easy money, leading to a misallocation of resources and an artificial “boom” followed by a recession or depression when the Fed-created bubble bursts.
With a stable currency, American exporters will no longer be held hostage to an erratic monetary policy. Stabilizing the currency will also give Americans new incentives to save as they will no longer have to fear inflation eroding their savings. Those members concerned about increasing America’s exports or the low rate of savings should be enthusiastic supporters of this legislation.
Though the Federal Reserve policy harms the average American, it benefits those in a position to take advantage of the cycles in monetary policy. The main beneficiaries are those who receive access to artificially inflated money and/or credit before the inflationary effects of the policy impact the entire economy. Federal Reserve policies also benefit big spending politicians who use the inflated currency created by the Fed to hide the true costs of the welfare-warfare state. It is time for Congress to put the interests of the American people ahead of the special interests and their own appetite for big government.”
– Ron Paul
http://www.house.gov/paul/congrec/congrec2002/cr091002b.htm