The former Fed Chairman finally admitted in his new book that he felt it was wrong that nobody on Wall Street had been punished for their roles in the last financial crisis. Ben Bernanke has also spoken out against the growing “Audit the Fed Movement” claiming that it will undermine the Fed’s independence.
This of course is why Paul sent out a challenge to Ben Bernanke, in order to not only defend the calls for an audit of the Fed, but to expound on how the people and companies that helped drive the Great Recession should have been punished.
WATCH: ‘The Fed Has Been A Great Problem In Our Society’
In a recent CNBC interview, Rand Paul maintains that Bernanke should admit to his own role in the problem and lays heavy blame on the Fed for its role in distorting interest rates and the flow of money, which in turn justifies the demand for an audit. He goes on to express disgust with bailouts, and states that “when you make bad decisions, you should go bankrupt.” As we know, a lot of little guys went under, sometimes through no fault of their own and many big guys who made the biggest bad decisions got away with it and grew richer.
As Senator Paul points out, this is not a fault of capitalism, but rather a fault of the way the Fed handles things. This is why he has constantly called for an audit of the Fed, and wants to debate Bernanke over his insistence that an audit would be bad.
WATCH: Rand Paul to Ben Bernanke, ‘Let’s Debate!’
In the real world, we understand that agencies have to be audited by those they are responsible to. It does not affect their independence, or their underlying function, instead it proves that they are worthy of the job they do and that they can do it.
The Fed and Wall Street both have a lot to answer for in regards to the Great Recession, and an ongoing debate with Ben Bernanke will go a long way in showing the American people the mindset behind those who control our money supply, but also give them a fair chance to see for themselves if the calls to audit the Fed are valid and with merit. Rand Paul calls for transparency and openness, while Bernanke calls for secrets and blind trust. Only one of these are consistent with American values. Share your thoughts on the Fed and Wall Street with us on Facebook and Twitter.
Written by Steve Coffman; Edited by Staff
(Photo courtesy of Gage Skidmore, Flickr CC BY-SA 2.0)
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