I’m fed up with the Fed too, with its chronic policy failures. A lot of evidence shows the Federal Reserve to be a prime cause of lackluster job growth and sluggishness in wage increases.
That said, sometimes a cure is worse than the disease. Now the left, with the support of Hillary Clinton, is threatening to take us, to mix the metaphor, out of the frying pan and into the fire.
Last week, about a dozen arch-progressives from “Fed Up” attended a hearing of a subcommittee of the House Financial Services Committee, “Federal Reserve Districts: Governance, Monetary Policy, and Economic Performance” in Rayburn House Office Building. I also attended.
The title of the hearing sounds boring. What was really going on was anything but boring.
I wrote about this hearing at length in my most recent column at Forbes.com, “The Left’s Fed Up Makes A Naked Power Grab For Control Of The Fed“:
In scope, the left’s plan makes trivial by comparison Auric Goldfinger’s “Operation Grand Slam” to contaminate America’s gold holdings at the US Treasury Depository at Fort Knox. Goldfinger planned to turn them radioactive. Those holdings amounted, in 1964, to about $14 billion. They are now valued at close to $200 billion.
Either way, a tidy sum. Yet it’s just a nickel compared to the Fed’s more than $4 trillion holdings.
Most impressive. The left is undertaking its own Operation Super Grand Slam.