Quote:
Originally Posted by LetsGambool
Looooool idiot silverbugs
More than one person duly elected to Congress has questioned the constitutional legitimacy of the Fed in its relatively short history, Court cases have been abjudicated.
The power to control the currency is an enormous one. Wright Patman, a Democrat, was a powerful Congressman who had a 48 year tenure starting in 1929 was famous for his opposition to the existence of the Fed. His opposition was based on his belief that it was unconstitutional. There has been and will continue to be, in my view, legitimate and principled opposition to the power it has been granted to the Fed.
Your view that the Silver Man is an idiot for claiming the Fed is responsible for the lot of the poor folks is based on what exactly? Pretty much Bernanke's area of expertise, what his dissertation was based on, was his study of the Feds impact on the Great Depression. He basically concluded that Milton Friedman was correct in his view that the Fed monetary policy was too restrictive thus prolonging the economic downturn far longer than necessary. In fact Bernanke vowed to Friedman, before Friedman died, that he would not let it happen again. There also is a school of thought right now, mostly on the left, that the easy monetary policy of the Fed isn't easy enough. So it is quite clear that monetary policy has a huge impact on the economy and thus the poor.
Now pretty much federal safety net funding is derived from two things. Nominal GDP growth and COLA based on the CPI to which the Fed has created. So the Fed obviously has a huge impact on the lot of the poor. If you are claiming that Fed policy has been highly accommodative to the poor, which apparently you are since you called Silver an idiot for claiming otherwise, I'd like to read your argument. I'm pretty sure your just a libtard trolling here but maybe not.