Congress left and right wingers are starting to openly critisize the Fed on their "unilateral" use of power recently.  The power namely to use whatever means necessary to illeviate the complete bubble burst of the recent economic chrisis.  Congress basically wants to take away certain wide ranging powers of the Fed and place it directly under an oversight commity.  For years I've heard how these commities are watch dogs, to make sure that no one source of a government branch doesn't spend to much money, or second guess or question every damn decision made by a single group or individual.

But the idea of a watch dog group specifically created to "reign" in a group that the government specifically created to do a single purpose job seems like a big waste at best.

At worst, I believe that these idiots in government office want nothing more than to put their greasy hands inside america's checkbook.  We all know that these congressional civil servants have their own agenda's, or that they have agenda's which are being pushed by their own state governments.  If congress were to create such a watch dog group over the Fed, you better believe that they'll be pushing for the needs and wants of big corporate america and that of the lobbyists that go knocking on their own office doors.

Clearly congress can't be trusted with taking powers away from the Fed, or from basically placing themselves in control of the Fed and every decision made.  We have rampant inflation, numerous hostile conditions overseas, skyrocketing unemployment, and a falling dollar.  And what is the first thing on congress' mind?  Take control of a government mandated office that they havn't a clue how is run in the first place.  Congress has done nothing but bitch and moan about the decisions, and the effects of those decisions, that they created in the first place.  The civil servants currently in office can not be trusted while their own agenda's and politics take priority.

The Fed did what it was supposed to do.  Take action.  And that action contridicted certain government officials.  And because they didn't have the power to say how things should have been done, AFTER THE FACT, that they deserve control of the Fed.

When I was in the service, our drill sergeant had a saying.  "Hell no.  Oh hell no, you don't."  I say oh hell no to congress, and the power hungry, profiteering, and greasy money stealing hands that they have.