Ron Paul In Charge of Federal Reserve Oversight *Confirmed*

[emindead]

https://www.politico.com/blogs/glennthrush/1110/Ron_Paul_in_charge_of_Federal_Reserve_oversight.html

November 03, 2010

Ron Paul in charge of Federal Reserve oversight?

Here's a little irony in the House GOP sweep: The next chairman of the monetary policy subcommittee -- overseeing the Federal Reserve?

None other than Ron Paul (R-Texas), who'd just as soon abolish the Fed.

Paul is the ranking member of the Subcommittee on Domestic Monetary Policy and Technology on the Financial Services , which oversees the Federal Reserve, the U.S. Mint and American involvement with international development groups like the World Bank. Unless someone bumps him, he's next in line for the subcommittee gavel.

Paul is critical of all the institutions he would oversee. He's long called for killing the Federal Reserve, and this year tried to get an audit of the Fed into the Wall Street reform bill. He's asserted that the dollar should be tied to the gold standard in order to keep it from losing its value.

The committee has been low key under Rep. Melvin Watts (D-N.C.). His web site says he plans to hold hearings on "equal access by the visually impaired to U.S. coins and currency."

It's safe to say that a Paul chairmanship might be a little more intense.

The Republican Conference will vote on Paul leading the subcommittee, taking into consideration seniority and Republican leadership's preference. Paul's office didn't return a request for comment.
What the hell, is November the best month ever or what?

[ack44]

Awesome. Not sure how much of an effect this will actually have on the Fed's policies though. But I'm all for more epic Bernanke v.s. Paul battles 

[Sigz]

Cool. As much as I disagree with a guy, it's probably a good position for him.

[zerogravityfat]

ah great, we have the idiot wolf looking after the sheep.

[pogoowner]

It's fantastic news, assuming he actually gets the position. There's no member of Congress I'd rather have doing it.

[EPICVIEW]

It's fantastic news, assuming he actually gets the position. There's no member of Congress I'd rather have doing it.

I agree...the Fed is pure danger..I wish Ron all the best.

[jsem]

UP THE PAULS! RON PAUL FTW

[Adami]

So when RP makes no difference really, will people finally accept that the system can't easily be fixed?

[pogoowner]

So when RP makes no difference really, will people finally accept that the system can't easily be fixed?

I don't think anyone thinks it can be easily fixed. I think Ron Paul has the right ideas to fix a lot of things, but obviously he won't get the necessary support to put those ideas into action.

[Adami]

So when RP makes no difference really, will people finally accept that the system can't easily be fixed?

I don't think anyone thinks it can be easily fixed. I think Ron Paul has the right ideas to fix a lot of things, but obviously he won't get the necessary support to put those ideas into action.

I just got sick of the whole "Elect RP! He'll get rid of the gov! The man will fix the country!"

No he won't. He may have the best intentions, but he won't get anything done. I hope that this shows people that it's just not going to happen. And then everyone can be as miserable as me.

[rumborak]

I would agree. He has good intentions, and he seems like a smart guy. But, I find him a bit a Piper of Hamelin. His disciples I think also like their position of impotence, since it allows them to go all balls out with their opinions.

rumborak

[emindead]

So when RP makes no difference really, will people finally accept that the system can't easily be fixed?

I don't think anyone thinks it can be easily fixed. I think Ron Paul has the right ideas to fix a lot of things, but obviously he won't get the necessary support to put those ideas into action.

I just got sick of the whole "Elect RP! He'll get rid of the gov! The man will fix the country!"

No he won't. He may have the best intentions, but he won't get anything done. I hope that this shows people that it's just not going to happen. And then everyone can be as miserable as me.

Like Billy Corgan once said, "The world is a vampire".

[Nick]

This may be the best thing to come out of the Republican victory. The Fed has a LOT of problems and it will be nice to have someone in there that actually has an interest in taking them to task for those issues.

[rumborak]

I don't think the Fed has nearly as many problems as people say it has. In fact, I rather get the impression it struggles to smooth out an economy that's shaken left and right through rampant over-speculation and lack of financial regulation.

rumborak

[emindead]

I don't think the Fed has nearly as many problems as people say it has. In fact, I rather get the impression it struggles to smooth out an economy that's shaken left and right through rampant over-speculation and lack of financial regulation.

rumborak

lol

[rumborak]

Oh, I'm fully aware that you see the government and its financial branch as the source of essentially all evil, and that the free market would solve it all.

It's just hilariously unconvincing.

rumborak

[emindead]

Let's pump more money into the market and see what happens, maybe the massive printing two years ago was not enough. Oh, the economy busted... again? Hmmm, what's missing. Oh, that's right we just need to regulate it more.

The Hyperinflation of the Weimar days and the most recent in Zimbabwe actually happened, they weren't fairy tales. We are all subject to the laws of gravity as well of the markets. If you think that's not true then you just might as well fly like Superman.

[Perpetual Change]

Oh, I'm fully aware that you see the government and its financial branch as the source of essentially all evil, and that the free market would solve it all.

It's just hilariously unconvincing.

rumborak

I find it convincing sometimes, but never from emindead.

[emindead]

lol

Edit: and that's something that I've noticed. When people like Ron Paul or Peter Schiff propose their solutions people say "they are crazy; I don't like them". But when someone from their own team say the same things these guys said they go
-"yeah, that sounds reasonable"
-"but it's the same thing Ron and Peter said"
-"yeah, but I don't like those guys"

Welcome to third grade.

[Seventh Son]

I'm not particularly sold on Laissez-faire style economics.

[emindead]

Yeah, I wasn't at first, too.

[Seventh Son]

Yeah, I wasn't at first, too.

So I take it you're arguing for complete deregulation?

[Perpetual Change]

I still think that actual regulation of the fed is a better solution that the drastic armistice-like measures Ron Paul proposes, especially since if it DOESN'T work we can always try his more troublesome and overly-idealist plan (well, granted the rest of the world agrees to as well), but if emindead thinks that logic comes from a third-grader, so be it. Honestly, what emindead thinks about my intelligence has no impact on me whatsoever.

[emindead]

Yeah, I wasn't at first, too.

So I take it you're arguing for complete deregulation?

Pretty much.

[emindead]

I still think that actual regulation of the fed is a better solution that the drastic armistice-like measures Ron Paul proposes, especially since if it DOESN'T work we can always try his more troublesome and overly-idealist plan (well, granted the rest of the world agrees to as well), but if emindead thinks that logic comes from a third-grader, so be it. Honestly, what emindead thinks about my intelligence has no impact on me whatsoever.

Whoosh?

[Seventh Son]

Yeah, I wasn't at first, too.

So I take it you're arguing for complete deregulation?

Pretty much.

Did the thought of huge corporations raping the average consumer ever come to mind?

[Adami]

Did the thought of huge corporations raping the average consumer ever come to mind?

The extremist libertarians here operate on the mindset that the public is somehow unified and will not allow corporations to take advantage of them.

Here's there logic.

1. Companies make products
2. Consumers pick only the best
3. Companies that make the best survive and keep making good products/Companies that make inferior products go out of business due to a lack of interest
4.
5. Ron Paul.

[Perpetual Change]

I still think that actual regulation of the fed is a better solution that the drastic armistice-like measures Ron Paul proposes, especially since if it DOESN'T work we can always try his more troublesome and overly-idealist plan (well, granted the rest of the world agrees to as well), but if emindead thinks that logic comes from a third-grader, so be it. Honestly, what emindead thinks about my intelligence has no impact on me whatsoever.

Whoosh?

What's the point? Neither you, nor Ron Paul, have ever acknowledge that "ending" the fed is pretty much a pipe-dream unless you can get the rest of the world to go along with it. And neither have you, nor Ron Paul, ever considered what most economists suggest-- that 'regulating' the fed would solve the problem, and is much easier and more realistic to do than 'ending' the fed-- when you talk about this stuff. So I don't see what the point is.

[emindead]

What's the point? Neither you, nor Ron Paul, have ever acknowledge that "ending" the fed is pretty much a pipe-dream unless you can get the rest of the world to go along with it. And neither have you, nor Ron Paul, ever considered what most economists suggest-- that 'regulating' the fed would solve the problem, and is much easier and more realistic to do than 'ending' the fed-- when you talk about this stuff. So I don't see what the point is.

"Ever considered what most economists suggest." Who are these economists?

Funny, we have been following the suggestions of the most "eminent" economists all this time and we are still in this mess. Are you suggesting that I should keep listening to them?

[Perpetual Change]

First Point: "Ever considered what most economists suggest." Who are these economists?

2nd Point: Funny, we have been following the suggestions of the most "eminent" economists all this time and we are still in this mess. Are you suggesting that I should keep listening to them?

I'll answer the 2nd question first: No, we're not following the most "eminent" economists "all this time."

Now, for the first point: If you really don't know who the others ones are, then you have no real reason to fap all over the austrian school. And judging by your 2nd point, you don't, but I shouldn't have to answer the question for you.

[emindead]

If you really don't know who the others ones are, then you have no real reason to fap all over the austrian school.

I have no idea which economists you are referring to... and I'm supposed to know. I think we reached a dead end here.

[Perpetual Change]

If you really don't know who the others ones are, then you have no real reason to fap all over the austrian school.

I have no idea which economists you are referring to... and I'm supposed to know. I think we reached a dead end here.

If you don't know anything about economists except for the ones that other libertarians have spoon-fed you to learn about, then please don't refer to people who disagree with you about economic philosophies "3rd Graders." That's all.

I'm not an economist like you, but I do survey what's out there from time to time, and rarely, if ever, do I ever see even free-market and pro-capitalist economists suggest Ron Paul's draconian austrian measures.

[rumborak]

As they say, if all you have is a hammer, every problem will start looking like a nail.

rumborak

[Perpetual Change]

Right. It will be interesting, though, to see if Ron Paul can make the transformation from "Political 'alpha male' pounding his chest on the sidelines" to "important politician who has to make something work or just become another part of the problem."

[rumborak]

What power does this subcommittee possess? I was under the impression the Fed is an independent entity.

rumborak