In an alarming exhibition of honesty and courage rarely seen in elected officials, Senator Jim Bunning (R-KY) blasted Fed Chairman Ben Bernanke, who was testifying before the Senate Banking, Housing and Urban Affairs Committee for asking for more powers to fix what the Senator called "the mess we are in today". Calling the Fed the problem and not the solution, Bunning is a breath of fresh air in government. Below is an excerpt from the speech which apparently is available on the
Senator's website, however, it appears the website is down at the moment.
Now the Fed wants to be the systemic risk regulator. But the Fed is the systemic risk. Giving the Fed more power is like giving the neighborhood kid who broke your window playing baseball in the street a bigger bat and thinking that will fix the problem. I am not going to go along with that and will use all my powers as a Senator to stop any new powers going to the Fed. Instead, we should give them less to do so they can do it right, either by taking away their monetary policy responsibility or by requiring them to focus only on inflation.
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