WASHINGTON (MarketWatch) -- Donald Kohn, the No. 2 official at the Federal Reserve, urged Congress on Thursday to respect the U.S. central bank's independence to conduct monetary policy. In testimony on Capitol Hill, Kohn argued that greater oversight would hurt the economy by injecting politics into the process and unsettling financial markets.
"The insulation from short-term political pressures -- within a framework of legislated objectives and accountability and transparency -- that the Congress has established for the Federal Reserve has come to be widely emulated around the world," the Fed vice chairman said.
Lets see if I get this, we give you a trillion bucks and when we ask you where you spent it thats us being "political" and your defense is everybody is doing it. Gethro that dog don't hunt!
There was a whole lot of nuthin goin on today and our pick did not get filled. We even formed what the candlestick nerds call a doji! That means we had a tie in the tug of war between the longs and shorts. Could be a big day tomorrow and our pick is DUG long @ 21.56 Good Luck!
