{"id":4562,"date":"2011-01-17T00:10:00","date_gmt":"2011-01-17T06:10:00","guid":{"rendered":"http:\/\/ishmaels.net\/blog\/?p=4562"},"modified":"2011-01-17T00:10:00","modified_gmt":"2011-01-17T06:10:00","slug":"fed-vs-congress-vs-the-people","status":"publish","type":"post","link":"https:\/\/www.ishmaels.net\/blog\/2011\/01\/17\/fed-vs-congress-vs-the-people\/","title":{"rendered":"FED vs. Congress vs. \u201cThe People\u201d"},"content":{"rendered":"

Just too much truth in this not to put it up here.\u00a0 When will our elected officials start working for us?\u00a0 – WD0AJG<\/span><\/h4>\n

<\/h4>\n

THINKING THE UNTHINKABLE<\/p>\n

<\/a> <\/a><\/h4>\n

by John Mauldin<\/p>\n

By John Mauldin<\/a><\/strong><\/p>\n

The Fed Adds a Third Mandate<\/h5>\n

The Fed has two mandates: keeping prices stable and creating an economic climate for low unemployment. I am sure I was not the only one<\/strong> to listen to Steve Liesman\u2019s interview of Ben Bernanke this week and shake my head at the spin he was giving us. First, let\u2019s set the stage.<\/p>\n

In a paper with Alan Blinder early last<\/strong> decade, Bernanke made the case for the Fed to target a specific inflation number, and the number that came to be accepted as his target was 2%. In his famous helicopter speech in late 2002, he assured us that inflation could not happen \u201chere,\u201d even if the short-term rate was zero, because the Fed would move out the yield curve by buying large amounts of medium-term bonds. This would have the effect of lowering yields all along the upper edge of the curve. This became known as quantitative easing. In Jackson Hole last<\/strong> summer, he made very clear his intention to launch a second round of liquidity-injecting quantitative easing (QE2). In that speech, in later speeches in the fall, and in op-ed pieces he said that such a program would lower rates.<\/p>\n

Then a funny thing happened on the way to QE2: long-term rates began to rise all over the developed world. As Yogi Berra noted, \u201cIn theory<\/strong>, there is no difference between theory<\/strong> and practice<\/strong>. In practice,<\/strong> there is.\u201d It\u2019s got to be driving Fed types nuts to see the theory of QE, so lovingly advanced and believed in by so many economists, be relegated to the trash heap, along with so many other economic theories (like that of efficient markets). The market<\/strong> has a way of doing that.<\/p>\n

So, Liesman asked Bernanke about one<\/strong> minute into the clip (link below) about the little snafu that, following QE2, both interest rates and commodity prices have risen. How can that be a success? Ben\u2019s answer (paraphrased):<\/p>\n

\u201cWe have seen the stock<\/strong> market<\/strong> go up and the small-cap stock<\/strong> indexes go up even more.\u201d<\/p>\n

Really? Is it the third mandate of the Fed now to foster a rising stock<\/strong> market? I wonder what the Fed\u2019s target for the S&P is for the end of the year? That would be an interesting bit of information. Are we going to target other asset classes?<\/p>\n

Understand, I am not against a rising stock<\/strong> market<\/strong>. But that is not the purview of the Fed. And certainly not a reason to add $600 billion to the balance sheet of the Fed when we clearly do not understand the consequences. If it looks like they\u2019re making up the rules as they go along, it\u2019s because they are.<\/p>\n

Here is the clip: http:\/\/www.cnbc.com\/id\/15840232\/?video=1742165849&play=1<\/a><\/p>\n

A Rational Voice in Dallas<\/h5>\n

Richard Fisher is the president of the Federal Reserve<\/strong> branch in Dallas and a voting member this year of the FOMC<\/strong> committee. (Also a true gentleman, one<\/strong> of the nicest guys you could want to meet, and my neighbor, just a few blocks down the street.) But being a nice guy doesn\u2019t keep him from espousing some strong and dissenting views about Fed policy. He recently gave a speech to the Manhattan Institute that should be required reading (link below) for all policy makers at all levels of government, and not just Fed types. As an anecdote to the Bernanke spin above, let me quote a few paragraphs:<\/p>\n

\u201cThe new Congress<\/strong> and the new staff in the White House have their work cut out for them. You cannot overstate the gravity of their duty on the economic front. Over the years, their predecessors \u2014 Republicans and Democrats together \u2014 have dug a fiscal sinkhole so deep and so wide that, left unrepaired, it will swallow up the economic future of our children, our grandchildren and their children. They must now engineer a way out of that frightful predicament without thwarting the nascent economic recovery.<\/p>\n

\u201cI have been outspoken about the limits of monetary policy as a salve for the nation\u2019s fiscal pathology. The Fed has done much, in my words, to provide the bridge financing until the new Congress<\/strong> gets to work restructuring the tax and regulatory incentives American<\/strong> businesses need to confidently expand their payrolls and capital expenditures here at home.<\/p>\n

\u201cThe Federal Reserve<\/strong> has held rates to nil. We have expanded our balance sheet to unprecedented levels. After much debate \u2014 which included strong concern expressed by one<\/strong> member with a formal vote and others, like me, who did not have voting rights in 2010 \u2014 the FOMC<\/strong> collectively decided in November to temporarily undertake a program to purchase U.S. Treasuries that, when added to previous policy initiatives, roughly means we are purchasing the equivalent of all newly issued Treasury debt<\/strong> through June.<\/p>\n

\u201cBy this action, we have run the risk of being viewed as an accomplice to Congress\u2019 fiscal nonfeasance. To avoid that perception, we must vigilantly protect the integrity of our delicate franchise. There are limits to what we can do on the monetary front to provide the bridge financing to fiscal sanity. Last Friday, speaking in Germany, [European Central Bank President] Jean-Claude Trichet said it best: \u2018Monetary policy responsibility cannot substitute for government<\/strong> irresponsibility.\u2019<\/p>\n

\u201cThe entire FOMC<\/strong> knows the history and the ruinous fate that is meted out to countries whose central banks take to regularly monetizing government<\/strong> debt<\/strong>. Barring some unexpected shock to the economy or financial system, I think we have reached our limit. I would be wary of further expanding our balance sheet. But here is the essential fact I want to emphasize today: The Fed could not monetize the debt<\/strong> if the debt<\/strong> were not being created by Congress<\/strong> in the first place.<\/p>\n

\u201cThose lawmakers who advocate \u2018Ending the Fed\u2019 might better turn their considerable talents toward ending the fiscal debacle that has for too long run amuck within their own house. The Fed does not create government<\/strong> debt; fiscal authorities do. Deficits and the unfunded liabilities of Medicare and Social Security are not created by the Federal Reserve; they are the legacy of those who control the purse strings \u2014 the Congress, working with the president. The Fed does not earmark taxpayer money for pet projects in local communities that taxpayers themselves would never countenance; only the Congress<\/strong> does that. The Congress<\/strong> and administration play the dominant role in creating the regulatory environment that incentivizes or discourages job creation.<\/p>\n

\u201c\u2026 A reader of Shakespeare will recall the dialogue between Glendower and Hotspur in Henry IV<\/em>. Glendower claims, \u2018I can call spirits from the vasty deep.\u2019 And Hotspur replies, \u2018Why, so can I, or so can any man; But will they come when you do call for them?\u2019<\/p>\n

\u201cWe shall see if the new Congress<\/strong> will prove worthy of the power the American<\/strong> people have \u2018loaned\u2019 them, and, together with the president, actually draw the spirits of fiscal reform and sanity from the \u2018vastly deep\u2019 to at long last<\/strong> implement meaningful fiscal and regulatory policy that incentivizes private-sector job creation here at home while arresting the hemorrhaging of our Treasury. If they do, then more Americans will find work and be better off, better paid, and freer to make their own decisions about the economy.<\/p>\n

\u201cIf they don\u2019t, then woe to our children, their children, and the American<\/strong> Dream.\u201d<\/p>\n

Let us hope President Fisher will find support within the FOMC<\/strong>. I commend his speech to you:http:\/\/www.dallasfed.org\/news\/speeches\/fisher\/2011\/fs110112.cfm<\/a> .<\/p>\n","protected":false},"excerpt":{"rendered":"

\u201cWe shall see if the new Congress will prove worthy of the power the American people have \u2018loaned\u2019 them, and, together with the president, actually draw the spirits of fiscal reform and sanity from the \u2018vastly deep\u2019 to at long last implement meaningful fiscal and regulatory policy that incentivizes private-sector job creation here at home while arresting the hemorrhaging of our Treasury. If they do, then more Americans will find work and be better off, better paid, and freer to make their own decisions about the economy. \u201cIf they don\u2019t, then woe to our children, their children, and the American Dream.\u201d <\/p>\n

“And Now the Rest of the Story – “FED vs. Congress vs. \u201cThe People\u201d<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[13],"class_list":["post-4562","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-bbs","odd"],"yoast_head":"\nFED vs. Congress vs. \u201cThe People\u201d - And That was How it Went<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ishmaels.net\/blog\/2011\/01\/17\/fed-vs-congress-vs-the-people\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FED vs. Congress vs. \u201cThe People\u201d - And That was How it Went\" \/>\n<meta property=\"og:description\" content=\"\u201cWe shall see if the new Congress will prove worthy of the power the American people have \u2018loaned\u2019 them, and, together with the president, actually draw the spirits of fiscal reform and sanity from the \u2018vastly deep\u2019 to at long last implement meaningful fiscal and regulatory policy that incentivizes private-sector job creation here at home while arresting the hemorrhaging of our Treasury. 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If they do, then more Americans will find work and be better off, better paid, and freer to make their own decisions about the economy. \u201cIf they don\u2019t, then woe to our children, their children, and the American Dream.\u201d \"And Now the Rest of the Story - \"FED vs. Congress vs. \u201cThe People\u201d","og_url":"https:\/\/www.ishmaels.net\/blog\/2011\/01\/17\/fed-vs-congress-vs-the-people\/","og_site_name":"And That was How it Went","article_published_time":"2011-01-17T06:10:00+00:00","author":"wd0ajg","twitter_card":"summary_large_image","twitter_creator":"@wd0ajg","twitter_site":"@wd0ajg","twitter_misc":{"Written by":"wd0ajg","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.ishmaels.net\/blog\/2011\/01\/17\/fed-vs-congress-vs-the-people\/#article","isPartOf":{"@id":"https:\/\/www.ishmaels.net\/blog\/2011\/01\/17\/fed-vs-congress-vs-the-people\/"},"author":{"name":"wd0ajg","@id":"https:\/\/www.ishmaels.net\/blog\/#\/schema\/person\/e09620d4264e5cd90e30305809ea2462"},"headline":"FED vs. Congress vs. \u201cThe People\u201d","datePublished":"2011-01-17T06:10:00+00:00","mainEntityOfPage":{"@id":"https:\/\/www.ishmaels.net\/blog\/2011\/01\/17\/fed-vs-congress-vs-the-people\/"},"wordCount":1289,"commentCount":0,"publisher":{"@id":"https:\/\/www.ishmaels.net\/blog\/#\/schema\/person\/e09620d4264e5cd90e30305809ea2462"},"keywords":["BBS"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.ishmaels.net\/blog\/2011\/01\/17\/fed-vs-congress-vs-the-people\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.ishmaels.net\/blog\/2011\/01\/17\/fed-vs-congress-vs-the-people\/","url":"https:\/\/www.ishmaels.net\/blog\/2011\/01\/17\/fed-vs-congress-vs-the-people\/","name":"FED vs. Congress vs. \u201cThe People\u201d - And That was How it Went","isPartOf":{"@id":"https:\/\/www.ishmaels.net\/blog\/#website"},"datePublished":"2011-01-17T06:10:00+00:00","breadcrumb":{"@id":"https:\/\/www.ishmaels.net\/blog\/2011\/01\/17\/fed-vs-congress-vs-the-people\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.ishmaels.net\/blog\/2011\/01\/17\/fed-vs-congress-vs-the-people\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.ishmaels.net\/blog\/2011\/01\/17\/fed-vs-congress-vs-the-people\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.ishmaels.net\/blog\/"},{"@type":"ListItem","position":2,"name":"FED vs. Congress vs. \u201cThe People\u201d"}]},{"@type":"WebSite","@id":"https:\/\/www.ishmaels.net\/blog\/#website","url":"https:\/\/www.ishmaels.net\/blog\/","name":"And That was How it Went","description":"life, ham-radio,travel, investing, work, retirement and getting there","publisher":{"@id":"https:\/\/www.ishmaels.net\/blog\/#\/schema\/person\/e09620d4264e5cd90e30305809ea2462"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.ishmaels.net\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":["Person","Organization"],"@id":"https:\/\/www.ishmaels.net\/blog\/#\/schema\/person\/e09620d4264e5cd90e30305809ea2462","name":"wd0ajg","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/db64afcf51fce3b55d7ed73473f96d8213f4d5b7466a584423982496ed778676?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/db64afcf51fce3b55d7ed73473f96d8213f4d5b7466a584423982496ed778676?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/db64afcf51fce3b55d7ed73473f96d8213f4d5b7466a584423982496ed778676?s=96&d=mm&r=g","caption":"wd0ajg"},"logo":{"@id":"https:\/\/secure.gravatar.com\/avatar\/db64afcf51fce3b55d7ed73473f96d8213f4d5b7466a584423982496ed778676?s=96&d=mm&r=g"}}]}},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/parvvB-1bA","jetpack-related-posts":[{"id":1319,"url":"https:\/\/www.ishmaels.net\/blog\/2010\/07\/27\/great-stuff-from-the-pragmatic-capitalist-repost\/","url_meta":{"origin":4562,"position":0},"title":"Great stuff from the Pragmatic Capitalist – REPOST","author":"wd0ajg","date":"July 27, 2010","format":false,"excerpt":"WoW... This might make you just a little nervous about our economic situation? Is he (Geithner) just spouting the company line or really believes this bunk. According to this he was instrumental in the development of the problem and I would be he doesn't run his own finances this way.\u2026","rel":"","context":"In \"APRS\"","block_context":{"text":"APRS","link":"https:\/\/www.ishmaels.net\/blog\/tag\/aprs\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2479,"url":"https:\/\/www.ishmaels.net\/blog\/2010\/09\/22\/repost-from-the-reformed-broker-blog-2\/","url_meta":{"origin":4562,"position":1},"title":"Repost from the Reformed Broker blog","author":"wd0ajg","date":"September 22, 2010","format":false,"excerpt":"My Note: Holy Cripes... what else can I say? People are really fed up and the last time there was a movement like this (during my generation) there were riots in the streets - think late 60's and 70's. My generation may be getting ready to make another \"BIG MOVE\"\u2026","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.thereformedbroker.com\/wp-content\/uploads\/2010\/09\/congressional-job-approval.gif?resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.thereformedbroker.com\/wp-content\/uploads\/2010\/09\/congressional-job-approval.gif?resize=350%2C200 1x, https:\/\/i0.wp.com\/www.thereformedbroker.com\/wp-content\/uploads\/2010\/09\/congressional-job-approval.gif?resize=525%2C300 1.5x"},"classes":[]},{"id":10139,"url":"https:\/\/www.ishmaels.net\/blog\/2012\/02\/21\/on-the-subject-of-writing\/","url_meta":{"origin":4562,"position":2},"title":"On the subject of writing","author":"wd0ajg","date":"February 21, 2012","format":false,"excerpt":"I read a rather long letter weekly by John Mauldin \u2013 Thoughts from the Front Line.\u00a0\u00a0 He is a good writer and covers economics on a large scale.\u00a0 His recent post gives his idea of what our politicians and more correctly the President, need to focus on for our economy\u2026","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4521,"url":"https:\/\/www.ishmaels.net\/blog\/2011\/01\/14\/buried-in-the-investing-reading-list\/","url_meta":{"origin":4562,"position":3},"title":"Buried in the investing reading list","author":"wd0ajg","date":"January 14, 2011","format":false,"excerpt":"Found these gems in my reading list.\u00a0 If our foresight was just half as good as our hindsight we could all be rich!\u00a0 - WD0AJG From the REFLECTING BACK ON 2010 by Consumer Metrics Institute By Consumer Metrics Institute Reflecting back on 2010, we can offer a number of observations\u2026","rel":"","context":"In \"BBS\"","block_context":{"text":"BBS","link":"https:\/\/www.ishmaels.net\/blog\/tag\/bbs\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":14888,"url":"https:\/\/www.ishmaels.net\/blog\/2013\/10\/03\/obamacare-vs-affordable-care-act\/","url_meta":{"origin":4562,"position":4},"title":"ObamaCare vs. Affordable Care Act","author":"wd0ajg","date":"October 3, 2013","format":false,"excerpt":"While the battle in Washington continues to be waged for a second day, with the House Republicans now offering to return to the constitutional process of funding government operations on a singular basis (the debt ceiling was passed to do bulk funding for WWI and was never repealed),\u00a0the crux of\u2026","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"government-shutdown","src":"https:\/\/i0.wp.com\/stawealth.com\/images\/stories\/1offthestreet\/government-shutdown.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":57579,"url":"https:\/\/www.ishmaels.net\/blog\/2015\/06\/04\/politician-maybe-they-should-all-be-hung-or-shot\/","url_meta":{"origin":4562,"position":5},"title":"Politicians\u2026 maybe they should all be hung or shot?","author":"wd0ajg","date":"June 4, 2015","format":false,"excerpt":"You\u2019re (Probably) a Federal Criminal BY BILL BONNER, CHAIRMAN BONNER & PARTNERS Imagine our delight! \u201cCrony Hung in Own Noose\u201d is the headline we would have put on the story. The New York Times has the report: J. Dennis Hastert, who served for eight years as speaker of the House\u2026","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"Diary of a Rogue Economist","src":"https:\/\/ci5.googleusercontent.com\/proxy\/RvxWHWPqzYy7KyABNiusMzVJLoSbg81hFrbXdGKEeelFQqxNbMsZ3GRIIf6uaW4HU3ievGil1awgxPE98KTIN5ZMleFhU2YJS172H5_QroECZ5aGVvjwRRMtfFjlOQ=s0-d-e1-ft#http:\/\/bonnerandpartners.com\/wp-content\/uploads\/2015\/05\/DRE-dre-logo.gif","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.ishmaels.net\/blog\/wp-json\/wp\/v2\/posts\/4562","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ishmaels.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ishmaels.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ishmaels.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ishmaels.net\/blog\/wp-json\/wp\/v2\/comments?post=4562"}],"version-history":[{"count":0,"href":"https:\/\/www.ishmaels.net\/blog\/wp-json\/wp\/v2\/posts\/4562\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ishmaels.net\/blog\/wp-json\/wp\/v2\/media?parent=4562"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ishmaels.net\/blog\/wp-json\/wp\/v2\/categories?post=4562"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ishmaels.net\/blog\/wp-json\/wp\/v2\/tags?post=4562"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}