Tuesday, November 2, 2010

Ben Bernanke's Worst Paulian Nightmare

CNN and AP project Rand Paul to be the winner in the race for the US Senate from Kentucky.

Will he end up on the Senate Banking Committee?


  1. Free at last! Free at last! Thank God almighty, we're free at last!

  2. I think you're giving Rand too much credit. I seriously doubt Rand has even a tenth of the knowledge his dad has. While an improvement over the previous mess in the senate, he's still neo-con lite on foreign policy and will probably be corralled by the party establishment and steered away from any banking committee. Even if he does make it to a senate committee that matters, he will be put in figurative handcuffs.

    Consider that his dad has been routinely stonewalled by party establishment. Several times, Ron was supposed to become chairman of the committee that oversees the Fed. What happened? The first time it happened, the original committee was merged with another committee, in order to block him. One time, they made another senior congressman who knew nothing about the Fed a member of the committee just to keep him from being the senior ranking member and next in line for the chair. I suspect Rand will face similar treatment, at least in terms of fiscal or monetary policy.

    Rand will probably be treated better than Ron. Ron understands markets very well, and knows what government is and is not capable of, Ron believes in diplomacy and is anti-war. Contrast this with Rand, who isn't outright suspicious of government action, in addition to the fact that he's made many statements that are pro-war. These attributes alone make him more favorable than Ron to entrenched DC hacks. I will say this though, Rand has a good understanding of property rights-- That distinguishes him from every other politician save his father.

    Can Rand help kill the Fed? I doubt it. I have very little faith in anything Rand will do. His rhetoric, while better than most, is still bad. But words are words, actions tell the real story. We'll see. But I am not optimistic.