Some discussion at the Mess that Greenspan Made of how Maxine Waters, who has been on the House Committee on Financial Services for 20 years, apparently doesn't understand how the central bank works.
Some comments in the thread:
"James Cullen said ... What's really shocking about this isn't that Maxine Waters can't differentiate between Fed actions, but that she's so adamant that interest rates need to be kept low to bail out people with ARMs and convinced market interest rates are entirely controllable.
DLP said...James -- I had that same thought -- it was a good demonstration as to what elected officials could do if given control over the central bank."
8 comments:
Aaaawww.... don't be dissin on my girl Maxine. She can always be counted on to add a welcome note of humour to anotherwise dull day.
Neither politicians nor bunch of PhD's sitting in a room should be setting the interest rates.
What did we learn after Greenspan screwed it up? Bernanke is making the same mistake again by continuing the easy money policy - which was at the root of the current problem.
I could be generous and assume Maxine Waters misspoke about the discount rate, perhaps. (Most of us remember that term from high school economics, but of course it's been a long time since Ms. Waters was in high school).
She said, "I don't want to see the interest rates increase on these adjustable rate mortgages."
That left me cold.
Hilarious video of Maxine Waters:
Maxine Waters Threatens to Socialize Big Oil
That *was* funny, Contrarian. I don't know how I missed that.
I wonder how the Shell guy responded.
Who cares what Maxine Waters, says?
What matters is if Nancy Pelosi Says it.
pat,
Why?
'Cause she's the Queen?
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