Art Laffer, the famed economist who coined “trickle down economics” and bet Peter Schiff a penny over the 2008 recession, suggests that the Federal Reserve should no longer be an independent institution.
Was it ever? It hasn’t been independent since the 1930s (SEE: Donald Trump is right – Federal Reserve is a political tool to help the White House).
That said, speaking in an interview with Fox News, Laffer reiterated his previous remarks about how the Fed should no longer be independent (SEE: Art Laffer wants Congress to control printing press, questions Fed independence).
“The independent Federal Reserve has always been a problem for the White House. I don’t see any reason why we should have an independent Federal Reserve to be honest. We should not have an independent military board either to make decisions. I don’t think that we should have tax laws determined by a group of professors either. You know, it doesn’t make any sense. But it has been going on.”
He added:
“Their job is not to bait the president. Their job is to do a good job. With interest rates falling, I would expect the Fed to follow suit and lower interest rates as well. They have been doing it historically.”
When are they going to force the banks to cut Credit Card interest rates by 10 percent? Bank card delinquencies increased 26 basis points to 2.74 percent of all accounts in the third quarter, but remain well below their 15-year average of 3.68 percent. There is no justification for any bank to charge 24%. All the politicians have been bought by the bankers, that is the real problem with the FED and finance in America.