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Prophets and Losses

Don't Tread On Me3 Wrote: Feb 05, 2013 10:23 AM
Not only are the unelected "leaders of the Fed" unelected, but the Fed depending on the context isn't even considered part of the government. Never mind it wields enormous powers by fiat & decree, when it comes to accountability it's "independent," & resists attempts at scrutiny by the very Congress that created it. How is it that elected Constitutional officials of the US, and Cabinet members appointed by the President with advice & consent of the Senate, subject to Constitutional limitations, cannot be trusted with the fiscal policy, but these appointed unaccountable super-wonks empowered to rule by decree can?
Now that the federal government is playing an ever larger role in the economy, a look at Washington's track record seems to be long overdue.

The recent release of the Federal Reserve Board's transcripts of its deliberations back in 2007 shows that their economic prophecies were way off. How much faith should we put in their prophecies today -- or the policies based on those prophecies?

Even after the housing market began its collapse in 2006, Federal Reserve Chairman Ben Bernanke said in 2007, "The impact on the broader economy and financial markets of the problems in the subprime market seems likely to...