Thursday, February 15, 2007

The Wit & Wisdom of Rep. Barney Frank (D-MA)

But you know, I'm a little puzzled when you said... your report says "production below potential," "rising to potential."

But then you say, well, you think it might be more than you think. I mean, if you think it might be more than you think, why don't you think it?

I mean, it does seem to me a little odd for you to say, here's what I think, but I also think it might be worse than I think. That is literally "doublethink."
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I express my concern that procedure and substance may intermix here, and that the argument for greater certainty can become -- and you say we have the two objectives, stable prices and employment, but one of those might -- I mean, I appreciate the fact that you have two children and you love them both, but I'm afraid that one of them might get a little bit more for Hanukkah than the other, if we're not careful.

-- from today's House Financial Services Committee hearing on the economy, the labor market and monetary policy with Fed chairman Ben Bernanke

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