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Date Posted: 23:38:10 06/06/06 Tue
Author: mozel
Subject: @Commentary concerning the lastest episode of the

animated feature starring Bernanke reminded me of scenes from the Cargo Cult documentary.
Now that the financial rubicon to Never Never Land has been crossed, which was the significance of the earlier episode entitled "Congress and Treasury throw Fannie & Freddie and Lifeline", the writers seem stumped and the special effects budget seems paltry beside the requirments.
I think the answer may lie in allowing more agencies than merely the CIA and the DOD to write their own checks.
People have become obsessed with the Fed. I suppose the fact it's one of the few outfits in town that still publishes financial reports explains this. But they need to get Bernanke out of the spotlight. He looks too much like the Lenin Meme. The Fed ought to suspend reporting all the M's not simply M3. The media would leave the Fed alone if it would just stop publishing numbers. Its attention would naturally gravitate to the economists and confidence could be made safe.

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