The Fed will not change perceptively with just a change in leadership.

since the Fed played such a huge role (not the sole contributor, of course) to the financial crisis, it is certainly prudent for Congress to take some action to correct future Fed behavior.

Let’s start with an audit of the Fed. Then the need for a restructuring (at a minimum) should become completely obvious to even the least economically inclined elected officials. Then, let’s stir up a consensus, with the help of the MSM, to take action against the status quo (this really shouldn’t be difficult). Why step two? Elected officials won’t do anything, even if it is obviously the right thing that needs to be done, without a sense that it could help them get re-elected. Obvious isn’t enough in Washington.

I shudder to think what a bunch lawyers elected to public office will do next. Oh, yes. They will confer with more knowledgeable folks from the banking industry to figure out the best solutions. And then we’ll all get out heads handed to us by Blankfein, et. al. once again.

Yes. I think the Fed needs to be reformed. But, first I think the makeup of our Congress needs to change in order to include people unafraid to do what is right and able to think for themselves. We need to go to the core of the problem first. I we were to have honest people in Congress, suddenly a lot of good things become possible.

- Mark Bern

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