Mr. "Fiscal Responsibilty," meet Ferdinand Pecora.I opened for my beloved,
But my beloved had turned away and was gone.
—Song of Solomon
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The Federal Reserve is a bankrupt institution whose compromised state is made plainly apparent by the likes of former Fed governor Frederic Mishkin...
Mishkin is a man who claims, "The large-scale asset purchases, the expansion of the balance sheet, were exactly the right thing to do during the depths of the crisis," but then contradicts himself by saying, "It's not as clear that they're as effective at this current juncture." Yet the present moment was entirely foreseeable given the magnitude of the disease the Federal Reserve not only allowed to run rampant, but indeed encouraged. Do men in their right minds actually believe that, massive sums of insolvent securities somehow magically will become viable again once they are backstopped with a bailout?
It is bad enough that, people responsible for this mess are presented as "authorities" when the game has been reduced to one of playing "make believe." But then to have the likes of Mishkin give fiscal advice really takes the matter straight over the top. Where were you, Fred, when financial institutions were loading up their balance sheets with all the toxic crap that's shackling economic activity? Where was your spirit of fiscal responsibility then, Fred? We should have some independent commission guiding us fiscally, sidestepping Congress? How about we have another Pecora Commission instead!
—Tom Chechatka
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