[downrightmike]

It isn't the Fed's job to fight economic problems, Congress is responsible to do that. But Congress doesn't want to legislate where they need to. Yes stagflation is the best outcome in the current climate. I don't think we'll have it that good.

[rtkwe]

The Fed was created to do that work for Congress free of the short term pressures of needing to get reelected and to have people who are actually at least trained in economics making those decisions instead of a random grab bag of people able to win our popularity contest elections.

Congress is also still free to override the Fed and make their own programs or change the operation of the Fed too.

[it_is_I]

> But Congress doesn't want to legislate where they need to.

Everyone keeps saying this, but then go and re-elect the same do nothings.

[WorldMaker]

I think part of the current problem is that "everyone" elected a bunch of "do somethings" with what seems to be low collective civic education, way too many sledgehammers, and "new" economic ideas like retrying the Smoot-Hawley Tariff Act near to its Centennial Anniversary (and to certain other related key anniversaries of the Great Depression).

[masfuerte]

Because if they didn't vote for a lizard, the wrong lizard might get in.