As if there weren't enough inane ideas from that den.
Barney Frank, always good for making sure that the baby is thrown out with the bathwater, wants to not allow the regional Feds to set their own interest rates, permitting only a single one to be set from Washington.
The reason that the Europeans have a crisis is the simple fact that they cannot set regional interest rates. It is a real problem for the EMU, as it means that the ECB has to balance, say, the needs of Portugal against the needs of, say, Germany, resulting in policies that muddle through, rather than being decisive.
This is what Barney Frank wants: he wants to give up flexibility of interest rates to address regional needs in order to have greater control over what interest rates are.
He's a control freak who doesn't care what damage is done as long as he can ensure that Congress controls what is going on.
Is the man completely incapable of thinking?
Sorry, that was a rhetorical question, Of course not. He's a Democrat.
Nov 2012 can't come along soon enough. These fools need to be removed from office. Perhaps the new ones won't be that much better, but at this point, it's hard to see how it can get worse.