The Bernank

Jeremy ... awesome guy

On Wednesday, Jeremy, Kara, and I went to a Federal Reserve board meeting on debit card regulations (http://www.federalreserve.gov/aboutthefed/boardmeetings/20110629open.htm). We went because we're all end the fed junkies, but expected only to see some bureaucrats speak in a secluded room. Upon arrival, we had to roast in the sun for 45 minutes, as security processed our IDs and social security numbers, which had been submitted days earlier. We essentially entered through the basement: Jeremy rightly noted that the carpets smelled like urine, and Kara and I were planning to burn dollar bills in an act of defiance. In groups of 10, we took the elevator to the second floor and arrived at the main entrance hallway: my expectations had already been exceeded. We then walked under an archway emblazoned with "Board of Governors," entered the antechamber of the FOMC meeting room, and then, lo and behold, we went into the actual FOMC room. Sitting there was Governor Duke, Governor Tarullo, Governor Raskin, Vice Chair Yellen, and yes, the Bernank (http://www.youtube.com/watch?v=PTUY16CkS-k). After I got over the shock-and-awe of seeing Chairman Bernanke in person, I, and the other interns, realized we had no idea what the hell they were talking about. In my opinion, the Fed is a destructive institution, evidenced, by their vote that day, where everyone except for Governor Duke (who voted nay), conceded that the proposed regulation was bad and its effects on costs inconclusive, yet still voted because Dodd-Frank "prescribed" regulation for the sake of regulation.

That night I biked around the national mall and listened to the Marine Core Bank play on the steps of the Capitol.