Reply #15: Bernanke did fine

[jacksmind]

Who cares if he couldn't name the institutions, he didn't even recommend this transaction. And there are thousands of variables that effect the value of the dollar. You know what else went up during that time? The temperature in Cleveland. OOoooh the fed must be controlling the weather! What's the correlation coefficient between foreign loans and the value of the dollar? What's the error on it? What, you don't know? Then how do you know there's this wasn't a coincidence?

People have a hard time creating a consistent picture. The fed goes to congress for the power to do the bailouts, but now they break the law, that seems odd. We all know that Ron Paul hates it because he has his Austrian/Libertarian ideas and doesn't really understand how the economy works (did either him or Peter Shiff get a degree in Economics?). And in the meantime almost no professional economist on the IDEAS rankings is arguing for auditing the fed (250+ are petitioning against it) (could there be a reason besides the one you believe in? is it even *possible*?), and most certainly NONE --read that again: NONE--NONE out of 1000 of the top economists are saying get rid of it. (Hmm I wonder what the libertarian Milton Freedman said about it? Hint: he was a Monetarist) And in the meantime 190 countries around the world all have central banks.

Fine. Let's do the audit so we can have people understand why the fed is an independent institution why it *seems* so secretive , and why they do the things they do (Hint: read wikipedia). Let's nail down the constitutionality of what they do, and even if we revoke some of their powers, watch the economy struggle and then the fed can go to congress to get these powers reinstated. Let's get this over with so all I have to deal with are the birthers, 911 truthers, global warming denialists, and moon landing deniers.