Herman Cain defends the Federal Reserve

I’ve mentioned before that I’m skeptical of Herman Cain, who expected to make his second presidential bid official any day now, in part because of his deference to government over the free market. For example, he backed TARP at the height of the financial crisis in 2008 - calling it a “recovery plan.” He slammed opponents of the program on the right, calling us “free market purists.”

Now, Cain, a former board member of the Federal Reserve, is telling us that the central bank already has internal audits, that there isn’t anything new that we’d learn from a significant audit and they haven’t been hiding anything from Americans. He chalks it up to people not knowing enough about the Fed.

Hm. Ok. If the Fed wasn’t trying to hide anything, why did they want until legislation was passed with a statutory requirement forcing to release the names of foreign banks they loaned money to?

I’m not saying there is a government conspriacy here, but there has been an incredible lack of transparency on the part of the Federal Reserve. For example, why does Fed Chairman Ben Bernanke claim that they aren’t printing money when that’s exactly what quantitative easing is?

Despite Cain’s claims to the contrary, he is defending the Federal Reserve. And it doesn’t reflect the behavior of someone claiming to be a conservative.

Here are Cain’s comments:


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