"When you hear about the Federal Reserve Transparency Act getting stalled in committee, think of Daniel Webster, bought and paid for with central bank money. When you read Fed apologia in the New York Times, The Economist, and the Wall Street Journal denouncing the "reckless populism" of the Act, think of the newspaper editors in Biddle's pocket."
"When people kid around that the Fed has become another hedge fund now that it is the lender of first, second and last resort — to mention the market-maker for everyone including RVs and mobile homes — it really is no joke at all. See NY Fed in Hiring Spree as Assets Soar. The New York Fed is seeking to bolster its staffing of traders — not research staff, but traders — by nearly 70%!! When will the Fed start hiring investment bankers? That is what we would like to know."
It seems just yesterday that Ben Bernanke was rehearsing for the role of the Alzheimer's patient antagonist in Joel Schumacher's latest mad scientist-becomes-insane global dictator B-grade movie, before the House Committee on Oversight and Government Reform, after firing back with a catatonic "I don't recall" after catatonic "I don't recall" when asked to remember even one of the events in what historians will likely one day consider among the most critical 24 hours for modern capitalism. Many thought that this spectacle was merely a way for politicians to score populist points in a McCarthesque witch hunt sequel of the villain de jour play. It seems they were wrong.