Re:The Quiet Coup: IMF advice on the US economy
by anamax on Monday March 30, 2009 @05:41PM
(#539197)
Yes, the fed is considered a central bank. However, it actually doesn't have any regulatory authority over financial institutions. It only has monetary powers.
No one in govt wanted the Fed to crash or slow down the housing market, so it's unclear how one can conclude that different regulations would have caused the Fed to do so.
> One nonetheless must point out what these people ought to have done, whether they really could have done it or not.
That depends on what said "pointing out" accomplishes. If it fuels bad policy/giving further power to the people who failed, it's a bad idea.
> I would note that the rise Greenspanism/"market fundamentalism" itself, starting in the 1990's, certainly made it much more politically difficult to stand against Wall Street's further partying in the 2000's.
If you're going to argue that the President and Congress weren't going to do anything, then it's unclear who you think would have done something.
I will note that McCain tried to get Fannie and Freddie under significant regulation during Bush's first term. He got a little support from some Repubs, no support from the rest, and kicked in the teeth by all the Dems who are currently screaming for more regulation and about how Bush screwed things up.
No one in govt wanted the Fed to crash or slow down the housing market, so it's unclear how one can conclude that different regulations would have caused the Fed to do so.
> One nonetheless must point out what these people ought to have done, whether they really could have done it or not.
That depends on what said "pointing out" accomplishes. If it fuels bad policy/giving further power to the people who failed, it's a bad idea.
> I would note that the rise Greenspanism/"market fundamentalism" itself, starting in the 1990's, certainly made it much more politically difficult to stand against Wall Street's further partying in the 2000's.
If you're going to argue that the President and Congress weren't going to do anything, then it's unclear who you think would have done something.
I will note that McCain tried to get Fannie and Freddie under significant regulation during Bush's first term. He got a little support from some Repubs, no support from the rest, and kicked in the teeth by all the Dems who are currently screaming for more regulation and about how Bush screwed things up.