Political Quotes

“Does anyone in America think that Congress is going to be more confident at conducting monetary policy than an independent central bank? Let me remind you, under the stewardship of the Republican leadership of this House, we have seen government shutdowns, U.S. debt default threats, and fiscal austerity measures that hamper the economic recovery. As to this Taylor rule, I doubt that anybody over there can explain the Taylor rule to you. But I tell you, had we had the Taylor rule in place in the 1980s when Volcker was here, he would not have been able to stop the rampant inflation that we experienced. The assumptions that it is based on have not accounted for Volcker's inflation fighting or Bernanke's aggressive recovery status. They couldn't have done it under this Taylor rule. And, furthermore, banks, Wall Street, all the investors, would set their models to the Fed commuter model, and then it would set up all kinds of economic disruptions if the Fed would ever deviate from the model. It would take the discretion away from the Fed. I strongly oppose the bill, and I urge my colleagues to reject this dangerous legislation.”