Need I say more? ;) J/K!
The beast that is the Monetary Policy Report (MPR) is finally over once again! This was the third MPR that I prepared charts for and definitely the last. I contemplated which of the Chairman's testimonies I wanted to attend as a last horrah, and decided upon the House. While the representatives may not pose the most insightful questions, they do indeed have the more entertaining ones. Unfortunately the most entertaining rep. of them all is at the beginning of the program instead of providing much needed comic relief near the end of the four hour ordeal.
Ron Paul, who is very outspoken against the Fed, is beginning to scrape the bottom of the barrel for anything he can get to smear on the Fed's reputation. I felt very privileged to be present for a world premiere of one of these. Everyone was sitting there bracing themselves when it came Ron Paul's turn to speak. We were waiting on the typical "the Fed is illegal" and "end the Fed" soliloquy, but what we received was quite a treat. Over the course of about 2 minutes Ron Paul accused the Fed of 1) being involved with funds in the Watergate scandal, 2) funding Saddam's nuclear program, and last but not least 3) bailing out Greece.... At first there was shock and awe with a few snickers. Everyone in the audience was looking at each other in disbelief. Chairman Bernanke, after an audible pause, stated that those allegations were "absolutely bizarre", and like a child who can't hold their breath any longer, everyone busted out with giggles.
I've attached a link to a brief story at the bottom. As it was, I also enjoyed Barney Frank's reaction to Ron's accusations. He whole heartedly agreed that these were events that most definitely needed to be looked into by their committee, especially noting that they occured under the Nixon and Reagan presidencies ;) hehe Ohhhh politics..... So that ends my long saga with the Monetary Policy Report. At least I got to see my favorite representative Barney Frank show people what's what one last time.....
I've attached a link to a brief story at the bottom. As it was, I also enjoyed Barney Frank's reaction to Ron's accusations. He whole heartedly agreed that these were events that most definitely needed to be looked into by their committee, especially noting that they occured under the Nixon and Reagan presidencies ;) hehe Ohhhh politics..... So that ends my long saga with the Monetary Policy Report. At least I got to see my favorite representative Barney Frank show people what's what one last time.....
http://blogs.wsj.com/economics/2010/02/24/ron-paul-on-watergate-saddam-hussein-and-the-federal-reserve/?KEYWORDS=ron+paul
Barney Gettin Ready for Business
The Hearing Room
My Buddy Ben
