Bunning: The Fed, GSEs and Socialism

Republican Sen. Jim Bunning of Kentucky, a member of the Senate Banking Committee and a longtime thorn in the side of the Fed (and the only senator to vote against Greenspan’s confirmation in 2004) took more swipes at the central bank in his statement during the question-and-answer session with Fed Chairman Ben Bernanke. Bunning “[T]he Fed is asking for more power. But the Fed has proven they can not be trusted with the power they have. They get it wrong, do not use it, or stretch it further than it was ever supposed to go. As I said a moment ago, their monetary policy is a leading cause of the mess we are in… “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... [read full story]