{"id":190385,"date":"2009-12-04T12:19:00","date_gmt":"2009-12-04T17:19:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/12\/04\/more-ass-covering-by-the-fed-3\/"},"modified":"2009-12-04T12:19:00","modified_gmt":"2009-12-04T17:19:00","slug":"more-ass-covering-by-the-fed-3","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/12\/04\/more-ass-covering-by-the-fed-3\/","title":{"rendered":"More Ass Covering by the Fed"},"content":{"rendered":"<p>After decades saying that, &#8220;It wasn&#8217;t their job,&#8221; and that it, &#8220;Couldn&#8217;t be done,&#8221; the <a href=\"http:\/\/online.wsj.com\/article\/SB125970281466871707.html?mod=rss_whats_news_us&amp;utm_source=feedburner&amp;utm_medium=feed&amp;utm_campaign=Feed%3A+wsj%2Fxml%2Frss%2F3_7011+%28WSJ.com%3A+What%27s+News+US%29\">Federal Reserve is now casting itself as the nation&#8217;s premier bubble fighter<\/a>:<\/p>\n<blockquote><p>Not so long ago, Federal Reserve officials were confident they knew what to do when they saw bubbles building in prices of stocks, houses or other assets: Nothing.<\/p>\n<p>Now, as Fed Chairman Ben Bernanke faces a confirmation hearing Thursday on a second four-year term, he and others at the central bank are rethinking the hands-off approach they&#8217;ve followed over the past decade. On the heels of a burst housing-and-credit bubble, Mr. Bernanke now calls financial booms &#8220;perhaps the most difficult problem for monetary policy this decade.&#8221;<\/p><\/blockquote>\n<p>The money quote, which follows, is that, &#8220;Mr. Bernanke wants to use his powers as a bank regulator to stamp out bubbles, but the Senate Banking Committee, which will grill him later this week, is considering stripping the Fed of its regulatory power.&#8221;<\/p>\n<p>Ben Bernanke does not want to stamp out bubbles, he is just trying to give members of Congress an excuse not to clip his wings.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>After decades saying that, &#8220;It wasn&#8217;t their job,&#8221; and that it, &#8220;Couldn&#8217;t be done,&#8221; the Federal Reserve is now casting itself as the nation&#8217;s premier bubble fighter: Not so long ago, Federal Reserve officials were confident they knew what to do when they saw bubbles building in prices of stocks, houses or other assets: Nothing. &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[998,970,1004,1020,985],"tags":[],"class_list":["post-190385","post","type-post","status-publish","format-standard","hentry","category-congress","category-corruption","category-finance","category-legislation","category-regulation"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/190385"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=190385"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/190385\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=190385"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=190385"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=190385"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}