Friday, January 13, 2012

Straight Outta Pyongyang

Yesterday the Federal Reserve released the transcripts of its 2006 Federal Open Market Committee meetings.

I didn’t think I could be surprised at this point by these bubble-era artifacts, but there really is a lot of maddening stuff. Binyamin Appelbaum hits some of the main points here. The WSJ has a meeting-by-meeting analysis here. Take your blood pressure medication first.

These transcripts are the latest proof that the Fed desperately needs not just more oversight and transparency, but real reform. A good start would be for Congress to subpoena all FOMC transcripts through 2010 and to change future releases to a one-year lag. These are tenured, unelected policymakers whose disastrous decisions -- often made with cultish deference and groupthink-inflected jokes and laughter, the new transcripts show -- destroyed retirements, impacted every American, and affected the course of U.S. history. The public must be able to judge their individual performance and basic competence in a timely fashion. That's impossible when the best record of that performance is kept under lock and key for five years.

And on the subject of basic competence, one can’t help but notice that many of the participants in those 2006 meetings are still at the Fed. Tim Geithner, whose obsequious tribute to Alan Greenspan in January 2006 would have been perfect for an invasion-eve meeting at Saddam’s palace of the Baghdad chapter of Toastmasters International, failed upward. These people are still running things.

To the extent it reflects increased awareness of and outrage over these issues, Ron Paul’s popularity is heartening (and he has the enthusiastic endorsement of this blog). One hopes he won’t settle for a primetime stemwinder on the Fed at the convention. He deserves – and this country urgently needs – much more than that.

13 Comments:

Anonymous KAIMU said...

ALOHA!!

Yes, I have studied those same FOMC Transcripts many times in the past and I wonder how many of those transcripts will have sentences and paragraphs whited out as we get to the really meaty years of the Lehmans and Bear Stearns collapse. Mr. William F. Buckley has this to say ...

"I'd rather entrust the government of the United States to the first 400 people listed in the Boston telephone directory than to the faculty of Harvard University." - William F. Buckley, Jr.

The center of monetary power has been entrusted for far too long with such an elite group of private bankers. For almost 100 years we have suffered their ideas of a STRONG DOLLAR POLICY to the point where none of us can hardly afford the basics. When 44 million Americans cannot afford to eat it is time to "question authority" and if the authorities have no answers then it is time they take leave of office, appointed or not.

I also wholeheartedly approve of Ron Paul and have done so for many, many years now. Bravo ...

1/13/2012 10:42 AM  
Anonymous Jeremy said...

The people who get extraordinarily rich through manipulating the currency and finances generally seem to have some sociopathic tendencies. They see the universe as consisting of themselves and a few like-minded persons: the rest of us are there to serve them. If we could abolish the fed we would deprive these people of one of their basic tools, a tool with which they are now rapidly destroying the middle class.

1/22/2012 11:56 AM  
Blogger uknowme said...

I think the title of your last post was a little over the top, but you are right, there is something of the creepy atmosphere of the one party state politiburo in these transcripts. This goes beyond the normal office routine of saying good things about the guy who is retiring. I wonder how deep the rot goes.Wedding Limo Service Toronto

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