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> Admittedly, Congress—most specifically the Senate—is asleep at the switch, but that's not the Fed’s fault. It absolutely is the Fed's fault. We are still pay
by whatok 6y ago
> Admittedly, Congress—most specifically the Senate—is asleep at the switch, but that's not the Fed’s fault.
It absolutely is the Fed's fault. We are still paying for the sins of the GFC and Fed policy has enabled Congressional dysfunction. Without extremely accommodative Fed policy for the past 10+ years, Congress would be forced to do their job.
- arkis22 6y agoCan you give a single example where the Fed has ever, in any way, impeded congress from passing laws?
- dragonwriter 6y agoYou are basically saying that it's the Fed’s fault because the Fed is actually doing the job that it is assigned by law, and if it completely failed there would be more pressure on Congress to do something. But if Congress doesn't want to do it's job, even if the Fed were completely negligent, you have to conclude they would only do enough to relieve the pressure to roughly the point where things are now, if they were even competent enough to not screw that up. If you want to blame someone other than Congress for Congress's nonfeasance (and “Congress” in the sense includes the President, who plays both a formal and informal role in legislation), maybe blame the people that choose and retain the nonfeasant officers, rather than the Fed for doing its job well enough in the face of the nonfeasance elsewhere that the wheels don't come completely off.