The central bank is increasingly having to make politically sensitive choices. For example, it is weighing whether loans to people who buy speedboats and snowmobiles are as worthy of help as those to people who buy cars. And it is being besieged by arguments from R.V. manufacturers and strip-mall developers that they play a crucial role in the economy and also deserve help.
Many of the decisions could have political repercussions. On Feb. 9, President Obama traveled to Elkhart, Ind., a Republican stronghold that Democrats hope to convert to their column. Elkhart is also home to much of the R.V. industry, which has been battered by the recession.
The President gave a speech to the R.V. industry in February. What do you think happened in March? Read the whole thing if you have any doubts.
You’re absolutely right, Alex.
This requires constant scrutiny and strong resistance. Fixing flaws of the market by replacing them with flaws of the political process should be considered only with the greatest of humility. We don’t have selfless, omniscient philosopher-kings running Congress or the rest of gov’t.
I’m glad you’re helping to lead the charge.
Unbelievable how the People and politicians have managed to scrap apart the best Constitution and country in just a 200yr period.
Besides, that’s why auditing the FED makes clear sense.
I worry much more about the simple giving away of money through AIG to the banks. At least with a loan, they are theoretically supposed to pay it back.
I also worry much more about the guarantees we are giving the banks. These allow the banks to operate in the political arena and claim they do not need help because they don’t need actual cash money to operate while taking advantage of the full backing of the U.S. govt.
Essentially, we have a problem with the most politically powerful financial institutions in the world taking advantage of their unparalleled access to federal officials. It has already cost us a few hundred billion and a few trillion in guarantees.
In this context, the politicization of a few loans doesn’t seem to be that big a deal.
What evidence do you have that private lenders don’t make loans for political reasons?
And surely you aren’t arguing taxpayers don’t pay a price, sometimes really big price, for privately issued political loans?
And let me give you an example of private lending on a massive scale involving political influence: North Dakota. The taxpayers of North Dakota get a great deal and give political support to lenders by making it easy for lenders to screw over borrowers all over the nation. The key innovation was to create the iron clad contract that a contract is a contract the the corporation can change retroactively for any reason.
To me, the clear point being made is that it totally unacceptable to many business leaders and economic theorist that the voters get to vote on the people who engage in political lending.
These same people are objecting to the idea advanced by Geithner that stockholders merely get to cast a non-binding vote on the compensation of the officers of the corporation who profit from doing things like making political deals. I suppose the reason for this objection is that if the stockholders had a hold over the management, the management would make political loans or other transactions that benefited the stockholders. Gasp: management that acted politically to the benefit of the stockholders instead of themselves!
i wish that it had been politically possible for the Fed to seed a new independent bank, unencumbered by old dodgy loans, to do the work it is doing now. the Fed could then gradually auction off the equity until it owned none.
” I worry about the long-term impact of politicized lending much more than about inflation.”
Respectfully, I disagree. The government has been involved in political distribution of money for a hell of a long time, and to get worried now about the long-term impacts of that requires explaining why politicized lending is any worse than the more traditional politicized grants.
I’m not defending the political distribution of money, just pointing out that there’s little new under the sun here. So my perspective is that inflation is still the primary danger.
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