Tuesday, November 16, 2010

Congress to the rescue

Today we're seeing Congressmen tripping all over each other. They're coming out of the woodwork to introduce legislation to end the Fed's dual mandate of keeping inflation in check and also maximizing employment. Congress doesn't like the maximizing employment part of that mandate. So my dumb question is this ... if we don't want the Fed in charge of trying to steer our economy so that Americans have jobs, who's going to be responsible for maximizing employment? Congress?

Watch out. Here comes a 20% unemployment rate.

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