Wednesday, February 18, 2015
Elizabeth Warren And Sherrod Brown Fight Fed Audit, Foreclosure Transparency
http://www.huffingtonpost.com/2015/02/17/elizabeth-warren-rand-paul-federal-reserve_n_6699820.html DUE 23 FEB 2015. What is the purpose of the bill proposed by Rand Paul? Why are Democrats opposed to it? What do economists like Paul Krugman think about the bill?? What do you think: should the FED be audited or should the FED be independent of Congressional meddling? Why or why not?
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Senator Rand Paul proposed a bill that will audit both the Federal Reserve’s monetary policy operations and millions of foreclosures. The top progressive senators are running from the bill. This could doom any chance for public transparency surrounding the widespread abuse that banks deployed against homeowners in the aftermath of the financial crisis. Elizabeth Warren and her followers spoke out against the bill because it would for first time provide a public accounting of the central bank’s Monterey policy maneuvers and its transactions with foreign central banks.
ReplyDeletePaul Krugman and Mike Konczal from Roosevelt Institute have argued that Paul’s Fed audit would empower kooky ideas about monetary policy, especially those of Paul Krugman, and could damage the economy. I do not think the FED should be audited because it has the prospect of running our economy and the global economy and our relations with other countries
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ReplyDeleteThe purpose of the bill purposed by Rand Paul is to audit, or to carefully review, the Federal Reserve’s monetary policy operations and millions of foreclosures. It would, for the first time, provide a public accounting of the bank’s monetary policy maneuvers and its transactions with foreign central banks. Democrats are opposed to the bill because it promotes Congress meddling with the affairs of the Federal Reserve, which could lead to a politicization of the decisions that it makes and may endanger the financial stability of the global economy. Economists such as Paul Krugman believe that this bill could damage the economy, crazy ideas of monetary policy would be empowered and could make it harder for the Federal Reserve to do its job.
ReplyDeleteI think that the Federal Reserve shouldn’t be audited and should be independent of Congressional meddling. Like it was written in the article many Republicans had once warned that severe inflation was coming and it never did. If something like that happened again but Congress had was power to influence the Federal Reserve than things could turn out very bad for the economy, so I believe that the Federal Reserve should remain independent.
The purpose of the bill Senator Rand Paul introduced is to audit both the Federal Reserve’s monetary policy operations and millions of foreclosures. Democrats are opposing this proposition because it could possibly lead to Congress intervening with the actions and situations of the Federal Reserve and it could ruin the chances given for public transparency in cases such as homeowners having complications with banks. Like Paul Krugman, economists see that this bill can be extremely detrimental in society especially for the country's economy through the monetary policy being the subject of new ideas from the bill proposed by Rand Paul.
ReplyDeleteI believe that the Federal Reserve should not be audited because if the Federal Reserve were to be audited everyone in society will most likely be affected. If the Federal Reserve were to be audited, then the overall economy will have gain a negative outcome from being affected by the audit, whether it be solely the United States or with the associations with other countries.
The bill proposed by Rand Paul is To require a full audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks by the Comptroller General of the United States, and for other purposes. Democrats are opposed to it because it promotes congressional meddling in the Fed’s monetary policy decisions, which risks politicizing those decisions and may have dangerous implications for financial stability and the health of the global economy
ReplyDeleteEconomists like Paul Krugman think the bill “would empower kooky ideas about monetary policy -- particularly those of Paul himself -- and could ultimately damage the economy.”
I think that the FED should be independent of Congressional meddling because, as the Democrats have stated, politicizing monetary policy decisions would be terrible for the stability and health of the global economy.
Senator Rand Paul is proposing a bill that aims to add more public transparency to the Federal Reserve when it comes to monetary policy operations. This means having a public accounting of the central bank's monetary policy along with foreign transactions.
ReplyDeleteDemocrats, like Warren and Brown, are opposed to the idea of monitoring monetary policies (they are open to a more scrutinized Fed, but this draws the line). They believe that this will make the Fed more dependent on Congress, which will keep it from doing its job. This means a breach of the Fed with political agendas, which could hurt the health of the economy and slow down the Fed as it gains scrutiny from Republicans.
Paul Krugman is on the side of Warren and Brown, saying this bill proposes “kooky” ideas (from Rand Paul) to go through on monetary policy, increasing the chances of hurting the economy. The Fed would have more on its plate, as when Republicans were opposed to Democratic policies regarding monetary transactions, saying that this would lead to inflation which never actually occurred. Instances of controversy that never comes to fruition could definitely hurt the nation financially.
I believe that the Federal Reserve should be able to operate without Congressional meddling. This means mixing political agendas with our economic policies which would hurt the political independence that the Fed has. While there are times where the Fed needs to be looked at with transparency (as with problems with foreclosures that hurt households), this doesn’t have to do with an audit that targets monetary policies. Like Warren, I’m all for an audit that doesn’t reveal crucial monetary transactions.
The purpose of the bill proposed by Rand Paul is to audit both the Federal Reserve's monetary policy operations and millions of foreclosures. This bill would create public transparency for the abuse that banks deployed against homeowners during the financial crisis. Rand Paul's goal is to make the actions of the Federal Reserve public for congress and anyone else to see. Democrats oppose this action because they fear what could happen if the Reserve's actions become public knowledge. Currently, the reserve acts strictly for monetary purposes. If Congress got involved, the Federal Reserve could turn into a political tool, which could damage the economy whenever democrats and republicans fight with each other. Economists like Paul Krugman also oppose Rand Paul's bill. Krugman and Konczal argue that the audit could severely damage the economy by empowering "kooky" ideas about monetary policy. I think the Federal Reserve should not be audited because of the threat of too much political involvement. Monetary policy is extremely important to every American citizen. If the country's monetary policy is put in jeopardy as part of a politically motivated action, millions of Americans can be severely hurt.
ReplyDeleteThe bill proposed by Rand Paul is meant to audit the Federal Reserve's monetary policies as well as its foreclosure bailouts. Rand Paul is seeking to create more public transparency into the financial operations of the Federal Reserve.
ReplyDeleteFar-left democrats like Senator Elizabeth Warren and Senator Sherrod Brown are opposed to this bill because they believe that auditing the Federal Reserve may promote Congressional meddling and possibly influence the decisions of the Federal Reserve. According to Merriam Webster, audit is defined as a complete and careful examination of the financial records of a business or person. Given this definition I have no idea why far-left Democrats are opposed to this bill. The bill only examines financial practices and provided public transparency. Based on the definition of the word audit and the information in this article, the bill has nothing to do with Congress actually controlling the actions of the Federal Reserve. Liberal economists like Paul Krugman and Mike Konczal are opposed to Rand Paul's bill because they believe that "Paul's Fed audit would empower kooky ideas about monetary policy" and "could ultimately damage the economy". This opposition appears ridiculous to me. I am completely shocked that the best argument a Nobel prize winning economist like Paul Krugman could come up with in opposition to Rand Paul's bill is that it may "empower kooky ideas". This is not an argument and I think that this is all the more reason to back Paul's bill. The Federal Reserve obviously has something major to hide. I think left-wing politicians and economists know that if the public were to find out about their financial operations, Americans would be in an uproar.
Anyone that calls them self an American has no choice but to back this bill. The fact that the Federal Reserve can make such powerful actions without the consent of the American people should make Americans angry. Senators like Elizabeth Warren are anti-democratic.
Only a conservative would put such harmful effects to bed and its this ignorance that perpetuates the problem with America. If Paul Krugman, warns of the potential harms its not an argument but a warning. Gerard ignores the warning and pushes for the audit. He neglects the fact that complete transparency is a bad thing, for example if the world is ending in 2016, the government would hide this fact because it would only led to anarchy and destroy civilized society as we know it. The federal reserve should be exempt because its these operations which deal with foreign policy that need some sort of autonomy outside the realm of public interest. Elizabeth Warren is not "anti-democratic" as Gerard emphasizes but rather her views of keeping America in mind for the future is what makes her democratic, Again if Americans knew everything then complete chaos would occur, Elizabeth;s position on the situacion only seeks to safeguard the economy and the net benefit form monetary policy conduced by the federal reserve. By stating this view upon Elizabeth Warren, Gerard Laurent is nothing other than a socialist at best
DeleteThe purpose of the bill proposed by Rand Paul is “to audit both the Federal Reserve's monetary policy operations and millions of foreclosures.” However the democrats oppose this proposed bill. The democrats oppose Rand Paul’s bill because, while they are all for the public knowing about the “fed’s regulatory operations, they do not want transparency in monetary policy. Some democrats have argued that “Paul's Fed audit would empower kooky ideas about monetary policy -- particularly those of Paul himself -- and could ultimately damage the economy” also, “many liberal economic experts believe that giving those voices new information about the Fed's monetary policy activities will only make it harder for the Fed to do its job.” Economists like Paul Krugman think that the bill could damage the economy as it could give the general public strange ideas about monetary policy.
ReplyDeleteI think that the fed should be free from congressional meddling. The fed has a job to do and if the general public has the ability to scrutinize every aspect of its business then how can it be expected to do a good job.
The purpose of the bill proposed by Rand Paul is to audit both the Federal Reserve’s monetary policy operations and millions of foreclosures. This would allow, for the first time, provide a public accounting of the central bank’s monetary policy maneuvers and its transactions with foreign central banks. Furthermore, the bill would decrease the chance of any public transparency pertaining to the banks and their abuse towards homeowners after the financial crisis. Democrats are opposed to this bill because it promotes congressional meddling in the Fed’s monetary policy decisions. This risks politicizing those decisions and may have dangerous implications for financial stability and the health of the global economy. Economists such as Paul Krugman believe that bills like these would encourage out of line ideas about monetary policy, which could ultimately damage the economy.
ReplyDeleteI believe that the FED should not be audited and be independent of Congressional meddling. This primarily has to do with inflation and how Rand Paul and other republicans have been talking about how severe inflation would come in the near future. This, in fact, never came true and with new ideas about the FED’s monetary policy activities would only hinder the FED to do its job. Although it is said the FED would be independent this “independence” still allows Congress to hold the FED accountable for certain actions.
The purpose of the bill that Rand Paul has proposed is to audit the Federal Reserve's monetary policy operations and also millions of foreclosures. Democrats are opposed to the bill because they believe it "promotes congressional meddling in the Fed's monetary policy decisions" and that the bill will ultimately make it harder for the Fed to be able to do it's job. Economists like Paul Krugman think that the bill would "empower kooky ideas about monetary policy" especially the ideas of Paul and believe that the bill would eventually damage the economy.
ReplyDeleteI think that the Fed should not be audited, it should be free from congressional meddling. If the bill was to pass it could damage our economy and the Fed's relations with other countries. The Fed needs some independence from congress because it has its own job to do while congress also has tasks other than babysitting the fed. Congressional meddling would be bad for our economy so I am against it.
The bill proposed by Senator Rand Paul is meant to audit both the Federal Reserve’s monetary policies along with the millions of foreclosures. This also leads to the top progressive senators choosing to avoid the bill which spells out trouble for chances against public transparencies that surround the widespread abuse banks have being putting on homeowners facing the aftermath of the financial crises. However, Elizabeth Warren and her supporters are speaking out against this bill since this bill would be one of the first ones that gave public accounting of Monetary policy for the nation’s Central Bank’s and transactions with of foreign Central Banks as well.
ReplyDeleteIn my opinion, I feel that the FED should not be audited and should be left alone without any Congressional meddling. The article had stated that Republicans had warned time and time that high inflation was going to hit our nation and yet it never did. However, if anything like a high inflation the Republicans feared did hit our nation, and Congress the power to control and influence the Federal Reserve, then the outcome would be detrimental to the nation and economy. This is why I feel that the Federal Reserve should not be affected by Congressional meddling as there will be nothing be negative outcomes if they are not independent.
The bill that Senator Rand Paul introduced is designed to audit both the Federal Reserve’s monetary policy operations as well as the millions of foreclosures that are happening. Democrats do not support this bill because it could lead Congress to intervening with the situations and actions of the Federal Reserve which would then ruin the chances for public transparency. This is true for situations like homeowners having problems with the banks.
ReplyDeleteLike Paul Krugman, economists see view bill as extremely detrimental to society, especially for the economy of country by the monetary policy being the subject of new ideas from the bill that Rand Paul proposed.
In my opinion, I think that the Federal Reserve shouldn't be audited because then everyone in our society will be affected. This would have much larger complications. If the Federal Reserve were audited, the overall economy will experience a negative outcome from being affected.
The Purpose of the bill by Rand Paul was to audit and look over the Federal Reserve's accounts and spending, especially the millions of foreclosures currently happening. Some politicians are worried that allowing this bill to pass will lead to public transparency of monetary policy, which the democrats do not want. People feel that the Federal Reserve should be independent of Congressional meddling, and think this bill should not pass. Krugman feels that this bill should not pass, as it could lead to more radical and ineffective ideas pertaining to monetary policy, which could be detrimental to our economy. I feel that the Federal Reserve should not be audited, as it could hurt or economy from congressional meddling and red-tape.
ReplyDeleteRecently, Rand Paul had proposed a new bill meant to refine the current way the Federal Reserves’ monetary policy operations and millions of foreclosures. Senator Elizabeth Warren represents the Democrats in their oppositions on the bill. She says the reason behind their lack of support lies in the “promotion of Congress’ meddling in the Federal Reserves’ decisions regarding their monetary policy.” IN shortened terms, this would be the first time there would be a public accounting of the policy maneuvers and it’s transactions with the foreign central banks. This could result in decisions becoming more political and possible endangerment of of the United States economy. Krugman and similar economists believe th ebill could be detrimental to society as we know it to be, particularly the economy through the monetary policy being the main focus of this new bill. Along with Krugman, Konczal think the bill should be audited, or revised, to prevent the empowering ideas of what they believe are ”kooky.” Auditing the federal reserve could endanger the careful balance put into place currently. There is a chance that the political involvement could tip the scales and become too much for an efficient society.
ReplyDeleteThe bill proposed by Rand Paul, audits both the Federal Reserve's monetary policy operations and millions of foreclosures. The purpose of the bill is to offer more public transparency on the central bank's monetary policy maneuvers and transactions with foreign central banks. Democrats are opposed to the bill even though they support transparency because it undermines the feds ability to do there job. Economists like Paul Krugman suggest that by presenting new information empowers kooky ideas about monetary policy, which in theory could ultimately damage the economy. I think the fed should not be audited because, the government needs a level of privacy to make autonomist decisions that would best serve the people. Since federal operations does have a significant role in foreign policy, political options may not be in the best interests of the public but rather be necessary. The arguments for the audit makes the fed seem exempt from the usual procedure with government activities, non specific to monetary policy per se. The potential ramifications of political and economic discourse should deter from the idea of an audit by following principle rather partisan.
ReplyDeleteRepublican Senator Rand Paul has proposed a bill to audit both the Federal Reserve's monetary policy operations and millions of foreclosures. Notable Democrats such as Elizabeth Warren and Sherrod Brown are against the bill. Even though both Senators support transparency, they draw the line at monetary policy. Senator Brown finds the legislation unnecessary and sees no benefit for working Americans. Senator Warren argues that the legislation promotes congressional meddling, which may have dangerous implications for financial stability and the global economy.
ReplyDeleteEconomist Paul Krugman agrees with Warren and Brown, saying that the bill would damage the economy. I personally believe that the Federal Reserve should not be audited. The FED has too much influence on U.S growth and our economy. Policies such as this legislation will only have harmful effects for America.
The purpose of the bill purposed by Rand Paul is to audit, or to carefully review, the Federal Reserve’s monetary policy operations and millions of foreclosures. Democratic, Elizabeth Warren opposes the bill because: "it promotes congressional meddling in the Fed’s monetary policy decisions, which risks politicizing those decisions and may have dangerous implications for financial stability and the health of the global economy." Economists such as Paul Krugman believe that this bill could damage the economy, crazy ideas of monetary policy would be empowered and could make it harder for the Federal Reserve to do its job. I think the Federal Reserve should not be audited because of the threat of too much political involvement. Monetary policy is extremely important to every American citizen. If the country's monetary policy is put in jeopardy as part of a politically motivated action, millions of Americans can be severely hurt.
ReplyDeleteThe purpose of the bill proposed by Rand Paul is to audit both the Federal Reserve's monetary policy operations and millions of foreclosures. This bill would create public transparency for the abuse that banks deployed against homeowners during the financial crisis. The democrats oppose Rand Paul’s bill because, while they are all for the public knowing about the “fed’s regulatory operations, they do not want transparency in monetary policy. Some democrats have argued that “Paul's Fed audit would empower kooky ideas about monetary policy -- particularly those of Paul himself -- and could ultimately damage the economy” also, “many liberal economic experts believe that giving those voices new information about the Fed's monetary policy activities will only make it harder for the Fed to do its job.” Economists such as Paul Krugman believe that bills like these would encourage out of line ideas about monetary policy, which could ultimately damage the economy. I think the Federal Reserve should not be audited because of the threat of too much political involvement. Monetary policy is extremely important to every American citizen. If the country's monetary policy is put in jeopardy as part of a politically motivated action, millions of Americans can be severely hurt.
ReplyDeleteThe purpose of the bill purposed by Rand Paul is to audit, or to carefully review, the Federal Reserve’s monetary policy operations and millions of foreclosures. Democrats are opposed to the bill even though they support transparency because it undermines the feds ability to do there job. Economists like Paul Krugman think that the bill would "empower kooky ideas about monetary policy" especially the ideas of Paul and believe that the bill would eventually damage the economy.
ReplyDeleteI believe that the FED should not be audited and be independent of Congressional meddling. This means mixing political agendas with our economic policies which would hurt the political independence that the Fed has.
The purpose of the bill proposed by Rand Paul is to audit both the Federal Reserve's monetary policy operations and millions of foreclosures which could doom the chance for public transparency surrounding the widespread abuse that banks deployed against homeowners in the aftermath of the financial crisis. Democrats are opposed to it because it provides a public accounting of the central bank's monetary policy maneuvers and its transactions with foreign central banks. Economists like Paul Krugman believe the bill to be wacky and could cause confusion about monetary policy, ultimately hurt the economy and make it harder for the Federal Reserve to do its job. I think that we should not audit the Federal Reserve. We should leave it independent of congressional polices as it has been for years. Mixing politics with monetary policy could severely damage the economy more than it already is.
ReplyDeleteThe purpose of the bill that Rand Paul has proposed is to audit the Federal Reserve's monetary policy operations and many of its foreclosures. The Democrats seem to be against the bill because they believe it "meddles" in the Fed's decisions in monetary policy. They believe the bill will essentially make it more difficult for the Fed to be able to do their job. Paul Krugman thinks that the bill would lead to dumb thoughts about monetary policy and would eventually damage the economy.
ReplyDeleteI think that the Fed should not be audited, it should be out of the eyes of congress.This bill could damage our economy and the Fed's communication with other countries.
The main purpose of Senator Paul's bill is to provide the people a look inside the Federal Reserve's monetary policy operations and foreclosures. Publicly the reason democrats are against this bill is they claim that it will slow down the Fed's decisions on monetary policy. Privately it may be because Democrats know or worried that the Federal Reserve is corrupt and/or wasting tax payer money. A result of this magnitude will have the blame fall directly on Democrats weather they were involved or not. Krugman being a supporter of the idea of monetary policy will not want to see the process of printing money slow down. Krugman is also a Democrat based on his NY Times column and most likely would not want to see the political party he supports be dragged through the mud if any negative findings were to come out. The fed like any part of government should be audited on a regular basis to uncover any wrongdoing and be kept in check by the people. I also will use the phrase that big government supporters use on a regular basis "if you aren't doing anything wrong then you have nothing to hide."
ReplyDeleteThe bill proposed by Rand Paul was to audit not only the Federal Reserve's monetary policy operations but also millions of foreclosures. The bill would create public transparency for the abuse that banks deployed against homeowners during the financial crisis. Rand Paul's goal is to make the actions of the Federal Reserve public for congress and anyone else to see. Democrats oppose this action because they fear what could happen if the Reserve's actions become public knowledge. Currently, the reserve acts strictly for monetary purposes. If Congress got involved, the Federal Reserve could turn into a political tool, which could damage the economy whenever democrats and republicans fight with each other. Economists like Paul Krugman also oppose Rand Paul's bill. Krugman and Konczal argue that the audit could severely damage the economy by empowering "kooky" ideas about monetary policy.
ReplyDeleteI believe that the Federal Reserve should not be audited because of the threat of too much political involvement. The country's monetary policy cannot be placed in jeopardy as part of a politically motivated action because to Americans monetary policy is critical.
The purpose of this bill proposed by Rand Paul is to "audit both the Federal Reserve's monetary policy operations and millions of foreclosures.” Democrats oppose this bill because it promotes "Congressional meddling in the Federal Reserves’ decisions regarding their monetary policy.” they believe it will be harder for the fed to do their job with this bill in place. Paul Krugman thinks that the bill will endanger our economy and society as a whole. I believe that the fed should not be audited because it has been working for years and, by auditing it, would have too much political involvent in monetary policies which would be detrimental to our economy.
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ReplyDeleteThe bill in motion seeks to audit the Federal Reserve. Basically, they are asking those at the Fed to bust open the books and be completely open to congress about every litttle thing they do. This could lead to a destableazied economy, being that people like Paul Krugman would be making crazy assumptions about the economy (not that they don't do that now, but they would be even more empowered to do so), a point which Paul Krugman himself agrees on. It is true that the Federal Reserve isn't completely independent of the power of Congress, but it doesn;t belong to Congress either. In my oppion it should stay the way it is. The economy has slowly but surely been recuperating these last few years, and doing anything that might destabalize the economy is idiotic at best. However, people should be allowed to know if they were robbed by the banks. I believe that the Fed should opperate with but almost entirely independent of the government. It is not smart to bring the Fed into politics.
ReplyDeleteThe purpose of the bill purposed by Rand Paul is to carefully review the Federal Reserve’s monetary policy operations and millions of foreclosures. It will be having a public accounting of the central bank's monetary policy.
ReplyDeleteDemocrats are opposed to it because it promotes congressional meddling in the Fed’s monetary policy decisions, leading to believe that this will make the Fed more dependent on Congress, which risks politicizing those decisions and may have dangerous implications for financial stability and the health of the global economy. Economists like Paul Krugman think that the bill could damage the economy as it could give the general public strange ideas about monetary policy. In my opinion, I feel that the Fed should not be audited and should be left alone without any Congressional meddling. This would cause many complications. The FED has significant influence on U.S growth and our economy.
Rand Paul's bill attempts to audit, or to carefully review, the Federal Reserve’s monetary policy operations and millions of foreclosures. Democrats like Elizabeth Warren and her followers have spoken out against the bill because it would for first time provide a public accounting of the central bank’s Monterey policy maneuvers and its transactions with foreign central banks. Additionally, it promotes Congress meddling with the affairs of the Federal Reserve, which could lead to a politicization of the decisions that it makes and may endanger the financial stability of the global economy. Economists like Paul Krugman and Konczal oppose the bill, arguing that the audit could severely damage the economy by empowering "kooky" ideas about monetary policy. I think that the FED should be independent of Congressional meddling because, as the Democrats have stated, politicizing monetary policy decisions would be terrible for the stability and health of the global economy. Like Warren, I’m all for an audit that does not reveal crucial monetary transactions.
ReplyDeleteThe purpose of the bill proposed by Rand Paul is “to audit both the Federal Reserve's monetary policy operations and millions of foreclosures.” This would create more public transparency to the Federal Reserve regarding monetary policy operations. The overall affect creates public accounting of any foreign transactions made by the central bank. Democrats are opposed to it because they feel that this will lead to involvement by Congress, which will therefore turn the Federal Reserve into a political area. Should this happen, the economy may very well be damaged.
ReplyDeletePaul Krugman, much like Warren and Brown oppose the bill, and feels that the audit will ultimately damage the economy by engaging in monetary policy. I feel that the Fed should be independent of Congressional meddling. By having an audit that aims for monetary policies, the Fed runs the risk of losing its current political independence and mix economic policies with political concerns.
The purpose of Senator Rand Paul's bill is to audit (review carefully) the Federal Reserve's monetary policy and millions of foreclosures. The main objective of Paul with this bill is to ensure that the doings of the Reserve will be made public and for a good thing too.
ReplyDeleteDemocrats publicly oppose this bill because they believe that it interferes or "meddles" with the Feds monetary decisions.
Economists like Paul Krugman disagree with the bill and believe that it could have a negative effect on the economy substantially because it can give the general "kooky ideas" about the monetary policy.
I honestly feel like the Fed should be left alone and not audited because auditing them could just cause unneccesary problems and they already play such a huge part in determining our growth and well being of our economy, we don't want to mess with that and get bit in the cross.
Senator rand Paul proposed a bill that will
ReplyDeleteAudit both the Federal Reserve, and millions of for closed properly. Democrats are opposed to this idea because This could doom any chance for public transparency surrounding the widespread abuse that banks deployed against homeowners in the aftermath of the financial crisis. Paul Krugman agrees with Warren and Brown, they believe that this will only lead to wacky policies such ass monetary policy which will do more harm than good. I believe that the fed should not be audited because if the government has influence over economy and could put it to place policies by that are not exactly healthy for the economy.
The purpose of the bill proposed by Rand Paul is to audit the Federal Reserve’s money supply and deal with millions of foreclosures. Democrats are opposed to this because it could lead to Congress intervening with the actions of the Federal Reserve and possibly destroy the public transparency in cases which promotes Congressional meddling. Economists such as Paul Krugman think that the bill can possibly be very dangerous to society and it would encourage more out of line propositions about monetary policies in the future. I think that the Federal Reserve should be independent and be able to operate without Congressional meddling because the actions of the Congress would cause the economy to decrease and Congress keeps be worried about inflation and stressing its importance but it has not happened yet.
ReplyDelete