Congressman Jeb Hensarling, chairman of the House Financial Services Committee, mentions Hayek's Fatal Conceit regarding the Fed bureaucracy's ability to manage money and interest rates.
Reporter responds by asking how much confidence do you have -- "are they (central bankers) the right people to be doing this...I don't even know what to think anymore at this point."
After admitting the Fed has created asset bubble that are beginning to pop, Hensarling admits that he does not have faith in the Fed.
RW note: It is good to see Hensarling mentioning Hayek, Fatal Conceit (I think Fatal Conceit is the greatest title ever for an anti-central planning book.) and Austrian economics, but his "rule-based" money printing advocacy is Milton Friedman bad theory not Austrian theory and a type of Keynesianism. And Hensarling should know that in his North Beach Confession Friedman questioned his own advocacy of targeting a certain quantity of money growth.
Forther, in my North Beach Confession rport, I have a clip from Hayek where he objects to the idea of central bank money printing and makes clear that a fatal conceit includes the idea that government's can somehow know "how much money to print," thus rejecting Hensarling's rule-based money printing proposal.