Wonderful. Just wonderful.
The ever overconfident Ben Bernanke told House members Wednesday that he wants the Federal Reserve to consistently resume its recent role of regulating all banks, regardless of size. CNN Money reports:
Fed Chairman Ben Bernanke made his strongest case yet to Congress on Wednesday for the Federal Reserve keeping its regulatory oversight powers over banks large and small.
…Bernanke said the Fed, alone, has the infrastructure and expertise to keep a close eye on big banks as well as regional and community banks. He suggested that losing the ability to monitor smaller banks would impact the Fed’s role in stablizing the economy.
“The Federal Reserve’s participation in the oversight of banks of all sizes significantly improves its ability to carry out its central banking functions, including making monetary policy, lending through the discount window, and fostering financial stability,” Bernanke said.
Might I suggest that we would all be better off if the Fed would just get out of the picture entirely? Not that I haven’t noticed this brand of arrogance coming out of the Federal Reserve System before. However, I was far from the first to notice such trends inherent in both the Federal Reserve System and economic planners in general. In the words of the great economic F.A. Hayek:
The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.
I’d say that economics has been pretty heftily demonstrating to our government’s economic planners just how little they know about what they have imagined that they could design for some time now. And yet, these guys just keep charging onward. It’d be pretty hilarious, except for the fact that their actions may result in the destruction of the savings of millions of Americans.
Read more about how awesome Ben Bernanke is here.Published in