Wednesday, December 9, 2009

Grading the Current Congress

After TARP's first attempt to pass through Congress last year, the BBFiles officially named the Congressional Session the worst Congress since Reconstruction. However, two weeks later they reconciled themselves by passing TARP attempt 2.

However there is now a chance that the current Congress could go down as the worst Congress since Reconstruction. Ron Paul (R) Texas, has actually received 300 approvals to audit the Fed. Paul proposes giving Congress the power to "audit" the Fed. I guess his reasoning goes like this: the Federal Reserve caused the current recession, we should make sure this never happens again so lets improve upon the Fed by incorporating the Awesome Congress into the Fed's primary duty of monetary policy. ..

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