Bob Murphy

So great question.

And I would say for your viewers who haven't seen it, Besson, he says I'm trying to remember the exact.

It was definitely last year at some point, but he had this document that he put out where he was like challenging or he was saying we need to restore this.

the independence of the Fed and in the sense that they need to return to their original calling and that they have too much discretion right now in the sense of they're being able to deviate from these things.

And it was a very well-written document and they made a lot of plausible points.

So, I mean, cynics just dismissed it and said, oh, he's just doing that because the Trump administration wants to tighten the screw.

But regardless of the motivation, what they produced was a very coherent, reasonable critique of Fed policy.

But just pointing out things that

The Fed dabbling with mortgage-backed securities and all that kind of stuff, that was inaugurated after the financial crisis.

As of the year 2004, the idea that, oh, if housing is in trouble, maybe the Fed will come in and just start buying a trillion dollars of mortgage-backed securities.

That would have been unthinkable.

People said, no, you can't do that.

Can you imagine the corruption that that would lead to?

So there's lots of elements like that.

Just another example of how the Fed really

was doing all sorts of stuff in secret with no oversight.

You may remember that in the fall of 2008, they engaged in all these extraordinary operations and measures.

They had new term lending facilities and things like this.

And there was a congressional hearing and they called Bernanke before them.

This was in December of 2008.