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Former Dallas Fed chief economist Michael Cox on why attention should be on the President and Congress instead of the Fed when it comes to the economy...
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Welcome back we're just minutes away from the Federal Reserve's policy decision we've been taught them out all day that we got a great panel for you back with a -- families.
-- York stock exchange built.
An abundant.
Abundant -- did say that ten -- that -- good today.
Sharon Sachs still -- that's as well and now we're joined by Michael cops former Dallas Federal Reserve chief economist.
And professor at southern Methodist university's Cox school of business you know my thumb -- a question that's you right now everywhere basically at this point is expecting.
Nothing.
That being said what do you look and -- in the language.
Well I don't think there's much the Fed can really do or say at this point I -- I would not want to be in their position the Fed has basically become the whipping boy for congress.
You know -- the Humphrey Hawkins act of 1978.
That there was given the responsibility.
Of keeping in -- just inflation rate -- full employment and economic growth and that's not something they can do.
Am now they enjoyed that they enjoyed the limelight of that when things were going well.
But now -- this the attention needs to be squarely on congress for -- in this fiscal -- that's what's wrong with the country.
It's on what -- if that's a really good am glad you brought it up before the decision came out of just follow up on that Michael with you real quick and everybody else -- -- -- night we have a few minutes before.
The announcement is made Richardson -- deliver it to.
To us it's -- work -- at that point or it seems like you think we are.
Where the Federal Reserve it it.
It almost doesn't matter it's almost irrelevance.
You know what they -- is that is that a fair way of -- there's going to -- absolutely.
Absolutely true I mean it best these are -- -- When yesterday they might have had a cannonball but these are very small policies.
The real problem with the economy is not what's happening in with the monetary authorities but what's happening with the presidency and what's happening with congress.
And their ability to get government under control government is become enormous with the -- all these new regulators and with -- -- government spending.
And they don't want to stop and yet they're killing the economy.
