My Thoughts on HR 1207

I want to address the issue of HR 1207 and the Fed audit. If I were in Congress, I would support the bill. I say this even though I find the much of the pseudo-populist impulse behind the bill repellent.
I’ve read Mr. Alvarez’s testimony and I think he makes several good points. The problem is that too much of the argument relies on scenarios that are too distant from coming about.
The crux of his argument is that all these bad things will happen once a full audit is allowed. Yes, they could happen but it’s not clear that these are immediate dangers.
I’m still curious as to what the conspiracy crowd expects to find out. Matt Taibbi writes: “It’s becoming abundantly clear that at some point we’re going to start to hear details about monstrous front-running operations involving the major banks on Wall Street.”
Hmmm. Call me a doubter on that. And if the Fed has been trying to manipulate the market, I’m afraid they’re not doing a very good job.

Posted by on September 28th, 2009 at 12:24 pm

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