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Fed’s Dual Mandate on the Table in Wake of QE3

WASHINGTON (MarketWatch) — Two top Federal Reserve officials who opposed the latest round of Fed asset purchases have waded into tricky political waters by suggesting that lawmakers could tie the Fed’s hands if they wanted to block more asset purchases.

“A future Congress might restrict us to a single mandate – like other central banks in the world operate under – focused solely on price stability,” said Richard Fisher, the president of the Dallas Federal Reserve Bank in a speech on Wednesday night in New York.

Earlier in the week, another regional Fed bank president, James Bullard of St. Louis, was even stronger, saying he supported restricting the dual mandate to a single inflation-fighting goal.

Bullard said supporters of QE3 had placed too much emphasis on the Fed’s ability to bring down unemployment. He said monetary policy, in reality, could only have temporary effects on the jobless rate. His comments came in an interview with Reuters.

At stake is the Fed’s operating charter that calls for the central bank to conduct policy with two goals, or mandates: keeping unemployment low and inflation stable.

Continue at M a r k e t W a t c h

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Politicians won't restrict the Fed.

They love money printing.

Check out Obamas vision for America.


Protect your assets and profit from the greatest wealth transfer in history.

As I commented on that video's page

It took exactly one minute before I was table-flippingly pissed. Things like that are why I don't care if Romney's the exact same, no assclown should be rewarded with a second term for being a bad president.

Don't believe it for a second.

Pretty soon, they'll be saying "Yeah, Ben Bernanke thinks he has too much power, too... We're on your side..." We've heard that before: "I'm good friends with Ron Paul."

Still, that's a good thing;

Still, that's a good thing; like Milton Friedman said, the goal is to have even the wrong people be forced to do the right thing. Problem is, they are talking a lot but doing jack sh£$ at the moment.