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Strategies & Market Trends : ahhaha's ahs
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To: DMaA who wrote (5734)12/10/2002 8:53:34 PM
From: ahhahaRead Replies (1) of 24758
 
The difference is one of compulsory versus elective. In the late '70s under Humphrey-Hawkins Congress compelled the FED to gun the money supply in order to decrease unemployment. The result was higher unemployment. Because of this Congressional abuse which impugned the independence of the FED, the job of the Chairman has been to assuage Congressional fears, but Congress doesn't have the authority to compel like they did. Indeed, what motivates Friedman or Sarbanes, two people on opposite sides, to say FED is doing a good job is that AG does a good job of keeping imbecile members of Congress from ruining the economy by his testimony. FED still has to appear on the Hill to report, but FED wants the opportunity to make sure their independence won't be again a topic of left wing Congressional agenda.
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