Don't Get Fooled Again

Obama wants to give the Fed more power. Is that a good idea? Slate columnist Eliot Spitzer says no:

The United States should not lightly put our fate back in the hands of the very entity whose oversight of the economy and financial sector brought us into the abyss. The Fed's lack of accountability and transparency is no longer justified by its record or sound principles or public policy. Granting the power without asking the tough questions would be following the path of least resistance—regulators don't want to answer the tough questions, and legislators would still rather defer to the Fed than grapple seriously with a tough problem.

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