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Title: Beware of Woolly-Minded Attacks on the Fed
Source: WSJ
URL Source: http://www.wsj.com/articles/alan-s- ... -attacks-on-the-fed-1422401124
Published: Jan 27, 2015
Author: ALAN S. BLINDER
Post Date: 2015-01-31 19:56:42 by Gatlin
Keywords: None
Views: 17296
Comments: 46

Welcome to 2015. On the Chinese calendar, it will soon be the Year of the Sheep. On the financial calendar, it looks like the Year of the Fed. Let’s hope the Fed doesn’t get sheared.

As almost everyone knows, this year the Federal Reserve will start to “exit” from its hyper-expansionary monetary policies. But the Fed may also spend the year defending itself against a series of congressional attacks on its independence.

The barrage started on Jan. 12, when a seemingly innocuous provision was tucked into a piece of must-pass legislation, the Terrorism Risk Insurance Act, with no hearings, no congressional debate and, for the most part, no notice. The law now requires that the seven-member Federal Reserve Board include “at least 1 member with demonstrated primary experience working in or supervising community banks having less than $10,000,000,000 in total assets.’’

Now, there is nothing wrong with having a community banker on the Fed board; and President Obama ’s announced nominee, Allan Landon, seems well qualified. The problem is assigning board seats to specific constituencies. What about big bankers? Labor leaders? Home builders? Professors? Democrats? Republicans? As Fed ChairJanet Yellen explained at a congressional hearing in July, this could lead to “earmarking each seat for a particular kind of expertise.” Yes, the new law could Balkanize and politicize the Fed. For example, what will happen when Democrats realize that virtually all community bankers are Republicans?

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Begin Trace Mode for Comment # 29.

#2. To: Gatlin (#0) (Edited)

Tooconservative  posted on  2015-01-31   20:36:46 ET  Reply   Untrace   Trace   Private Reply  


#3. To: A K A Stone, Devil Anse (#2)

Tooconservative  posted on  2015-01-31   20:37:34 ET  Reply   Untrace   Trace   Private Reply  


#4. To: TooConservative, A K A Stone, Devil Anse (#3)

Gatlin  posted on  2015-01-31   20:40:05 ET  Reply   Untrace   Trace   Private Reply  


#6. To: TooConservative, A K A Stone, Devil Anse (#4)

Gatlin  posted on  2015-01-31   20:42:09 ET  Reply   Untrace   Trace   Private Reply  


#10. To: Gatlin, NWO stooge, Globalist Scum, Quantitative Weaseling (#6)

A pox on the FED, God bless America. Since the creation of the private FED in 1913, the US dollar has lost 97% of it's value.

Hondo68  posted on  2015-01-31   21:04:37 ET  Reply   Untrace   Trace   Private Reply  


#13. To: hondo68, ignoramuses, economic dimwits, Ron Paul Tools (#10)

A pox on the FED, God bless America. Since the creation of the private FED in 1913, the US dollar has lost 97% of it's value.

Well “tutti trutti!”

In 1913 the average individual income was $800. In 2013 it was $26,364.

So the dollar lost 97% of its value while income increased 97% … Source.

The Fed has now been vaccinated against your pox. God Bless America!

Gatlin  posted on  2015-01-31   21:23:06 ET  Reply   Untrace   Trace   Private Reply  


#29. To: Gatlin, -- a fool and his gold are soon parted (#13)

In 1913 the average individual income was $800. In 2013 it was $26,364

In 1913, $800 would buy 40 ounces of gold @ $20 an oz.

In 2013, $26,364 would buy approximately 20 ounces of gold @ $1300 an oz.

Inflation anyone?

tpaine  posted on  2015-02-01   11:17:24 ET  Reply   Untrace   Trace   Private Reply  


Replies to Comment # 29.

#30. To: tpaine (#29)

The classic example is buying a nice business suit or a suit for a banker.

A century ago, you could buy most any suit for a $20 gold double-eagle.

Today you'd be talking in the range of $700-$1200 for a comparable business-class suit.

Tooconservative  posted on  2015-02-01 11:39:54 ET  Reply   Untrace   Trace   Private Reply  


#31. To: tpaine, -- all you glass half empty libertarians (#29) (Edited)

In 1913 the average individual income was $800. In 2013 it was $26,364
In 1913, $800 would buy 40 ounces of gold @ $20 an oz.
In 2013, $26,364 would buy approximately 20 ounces of gold @ $1300 an oz.
Inflation anyone?

In 1913, $800 would buy you a Ford car for $525 with $275 left over.

In 2013, $26,364 would buy you 2 Ford Fiestas for $26,200 with $164 left over.

Wage rises outpaced inflation anyone?

Gatlin  posted on  2015-02-01 11:48:30 ET  Reply   Untrace   Trace   Private Reply  


End Trace Mode for Comment # 29.

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