Monday, September 12, 2011

Barney Frank as Inflationista

Barney Frank today renewed his attack against the Federal Reserve‘s district presidents, saying their presence has become a “significant constraint” on the nation’s economic policy-making, reports WSJ.

In a position paper updating a bill he introduced in May to take away regional Fed officials’ power to shape monetary policy, Frank accused them of worrying too much about inflation — in economic jargon, of being inflation “hawks” — and too little about high unemployment.

Frank, in other words, wants to put more control of Fed policy in the hands of headquarters, Washington D.C., and the likes of Alan Greenspan and Ben Bernanke.

If it wasn't clear before, it should be now. Frank is a raging, flaming inflationista.