Fed chairman warns Congress not to go poking around in his business...

[Subdivisions]

From CNN Money

http://money.cnn.com/2009/11/28/news/economy/bernanke_oped/

NEW YORK (CNNMoney.com) -- Federal Reserve Chairman Ben Bernanke, just days ahead of his confirmation hearing, is warning Congress that actions limiting the central bank's independence could prove detrimental to the causes of financial reform and economic recovery.

In an op-ed piece to be published in Sunday's Washington Post, Bernanke criticizes two moves aimed at limiting the Fed -- a proposal in the Senate to strip the central bank of its bank regulatory powers and a House Financial Services Committee vote to audit monetary policy deliberations and actions.

"These measures are very much out of step with the global consensus on the appropriate role of central banks, and they would seriously impair the prospects for economic and financial stability in the United States," Bernanke wrote.

...snip...


From Reuters

http://www.reuters.com/article/bondsNews/idUSN2736073220091128

WASHINGTON, Nov 27 (Reuters) - U.S. Federal Reserve Chairman Ben Bernanke said on Friday congressional proposals to audit the Fed and strip it of regulatory powers as part of post-crisis reforms could damage prospects for economic and financial health in the future.

"These measures are very much out of step with the global consensus on the appropriate role of central banks, and they would seriously impair the prospects for economic and financial stability in the United States," Bernanke wrote in a column posted on the Washington Post's website.

The rare newspaper column by a Fed chairman comes shortly before Bernanke testifies before a Senate panel on his renomination to serve a second four-year term at the helm of the central bank and answers a series of steps on Capitol Hill that could diminish the central bank's role.

...snip..

"The Federal Reserve, like other regulators around the world, did not do all that it could have to constrain excessive risk-taking in the financial sector in the period leading up to the crisis," he said.

...snip...

[tabatha]

1. It is NOT his business.

It is "We the People"'s business.

[Subdivisions]

2. You and I know that but good ole Heli-Ben seems to think otherwise. n/t

[Overseas]

3. K&R. //nt

[Better Today]

4. "did not do all that it could have..." Yeah, like they didn't do ANYTHING!

[pscot]

5. The hearings will be on Cspan for sure

Should make for some interesting TV. Bernanke is going to get hammered from right and left.

[BeFree]

6. Watcha hiding, Ben?

The elites in this country need to understand they are here to serve us
and they need to be open with us in their dealings...with our money.

So, quit acting like you are above us. Especially when something stinks awful bad. It is that smell that surrounds you we deserve to find out why it stinks.

[EmeraldCityGrl]

7. I could care less if it hurts the economic stability of the US.

They've been given carte blanche to run the Fed and all they've done is abuse the privilege and tank the economy.

Nothing less than full transparency from now on .

[Subdivisions]

12. +1. n/t

[Adsos Letter]

8. Just finished reading a book on Andrew Jackson and his war against the Bank of the United States...

The Market Revolution: Jacksonian America, 1815-1846 by Charles Sellers; Oxford University Press, 1991. 506 pgs.

Lots of interesting parallels to our current national debates.

[havocmom]

9. Take the little poppin jay out of his office and tell him to deal with being unemployed

in the economy he enabled

[notesdev]

10. This is what economic terrorism looks like

"Audit the books and we'll crash the economy."

Personally I'm amazed that in the USA of all places, this kind of fundamental information that should be available to every person as essential data for informed voting, i.e. the true state of the economic health of the nation, could ever be asserted to be private.

The Senate has a chance to put an end to Bernanke's reign of terror when it is asked to reconfirm him (which is soon). We need to make it plain and clear that another Bernanke term is unacceptable, as would his replacement by anyone like him.

[chill_wind]

11. Nice, Ben. And if these threats don't work, maybe toss in a few threats

about martial law. Worked wonders on a few last time, whoever dreamed it up.

Floor of Congress:

http://www.youtube.com/watch?v=55lOhYw8Lxk

[AllentownJake]

13. We will see how Holiday shopping goes

Bad numbers and the first scape goat sacrificed may not be Tim Geithner, it may be Bernake when he goes to be approved by the Senate.