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To: Bank Holding Company who wrote (176794)	1/13/2009 1:24:27 PM
From: GraceZ	Respond to of 306849

Congress was just too stupid to figure it out. I watched all the Humphrey Hawkins hearings when AG would come before them. Over and over you'd see Congressman and Senator alike pleading for the Fed to make things easier for their constituency. It was akin to pleading before the Court in the Middle Ages with AG playing the role of Lord. "Sire, my people have no bread." I think a large part of it was posing for the cameras, let's hope that the banking committee members are not THAT dumb, that they were simply playing to an audience they assume is that dumb. The lone voice against easy monetary policy was Ron Paul who failed to make his case compelling enough to build up anything but fringe agreement. He failed because he was so attached to the idea of commodity money. He failed to grasp the real problem with what the Fed was doing, and that was fixing the price of money to resolve issues that can only be addressed with good fiscal policy and the painful process of ringing out excess.