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The Fed or the Congress?

September 20, 2009

First, let’s look at if the Fed can be the overseer of the financial sector. The reappointed Fed Chairman sounds like a good choice. Except:

In a  speech of May 17, 2007, which looked at some of the problems in the subprime market and contains this gem : “Importantly, we see no serious broader spillover to banks or thift institutions from problems in the subprime market; the troubled lenders, for the most part, have not been institutions with federally insured deposits”

Hmmm, well maybe he is smarter than Congress.

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