What Ben Bernanke is telling Congress about Ron Paul’s Fed audit plan
This bit from the WSJ‘s interview with John McCain caught my eye:
“You have no idea the pressure I was under,” he says. “I remember being on the phone with President Bush, Vice President Cheney, the Treasury secretary and [Fed Chairman Ben] Bernanke. They assure me the world financial system is going to collapse if I don’t vote for the bill. So I do the impetuous and rash thing by saying, look, I have got to go back to Washington and see how I can help. And by the way, so did Obama—but it was McCain that was the impetuous one. Obama came back to Washington.” Mr. McCain grumbles, “He was at the White House with me. But he wasn’t impetuous.”
Me: I can tell you that Ben Bernanke is pitching a line to key congressional members in private about Ron Paul’s Fed audit bill that is not too dissimilar to what he told Congress back in the fall of 2008. Except back then he was saying failure to pass TARP would kill the economy. Today, it is the passage of a bill that would kill the economy, the Fed chairman says.