Ron Paul and the Fed
First of all, thanks to my good friend Stan Collender over at the Capital Gains and Games blog who has jumped to my defense (and that of Bruce Bartlett) vs. the misguided Ron Paul supporters who interpret any criticism of the congressman’s ideas as proof of membership of some global conspiracy.
You know, it is possible to think both a) overly easy monetary policy was a contributing factor in the economic crisis, and b) Fed actions helped prevent the recession from being worse than it was. And as far as the audit bill goes, letting Congress have greater influence on monetary policy would only result in a Fed that was less vigilant about inflation.
Better they focus their efforts nudging the Fed toward policies based in forward-looking market metrics as opposed to backward-looking economic indicators like the unemployment rate. But their dime, their dance floor.