Greenspan Sees Threat U.S. Congress Will Hamper Fed.....source
Sept. 16 (Bloomberg) -- Former Federal Reserve Chairman Alan Greenspan said he’s worried that lawmakers will hamper U.S. central bank efforts to rein in its monetary stimulus, and that inflation might “swamp” the bond market.
“It’s the politics in the United States that worries me, whether the Congress will basically feel comfortable” with the Fed withdrawing its stimulus, Greenspan said.
So what do we make of this? I'll tell ya' what I make of it. The Fed has Congress by the sack and there's not much they can do about it. Have you ever heard the quote, "Evil turns in on itself"? At the end of the day when this all falls in on itself the politicians and bankers will be at each others throats. Politicians will blame Wall Street for being irresponsible. Wall Street will blame each other first, then the Fed for not providing proper oversight. The Fed will blame politicians for spending too much.
But can't Congress take away the powers of the Fed? Can't they abolish them? Yeah, right!! The heroine addict always pushes away their pusher. The political fallout would be intolerable. If they do that they better be ready for a new currency and Marshall Law. Nope, they're married and the bickering will continue until it falls apart. At the end of the day.
Lo! The sun sets!