This thread discusses the Content article: CONGRESSMEN WITHOUT A MIRROR

May I suggest that you go on the O'Reilly show, and straighten Mr. O'Reilly out? This pseudo conservative is currently bashing both oil companies and speculators as being major causes of current oil prices.

Notice how our esteemed representatives tend to avoid a major culprit in this debacle, the Federal Reserve System. By flooding the market with cheap money and abundant credit the past several years, they've effectively devalued our currency. The market has responded by demanding more of this depreciating fiat currency for the same products. Supply and demand, except in this case with an increased supply of currency, the producers demand more of it for their product to offset the devaluation.

The Federal Reserve could reverse this by tightening the supply of currency and credit, but the result will most likely be a severe recession or worse (or so we're told).

Congress of course could address this problem if the Federal Reserve won't. Article I, Section 8, Clause 5 of the Constitution states that:

Congress shall have the Power "To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;"

Do I think they'll tackle this problem? Fat chance.

Let me second what PaulOs wrote. O'Reilly, who is a populist instead of a conservative, is infuriatingly ignorant on basic economics, and needs an education lest he continue to spread his ignorance.

Orielly doesn't understand much at all, let alone the oil situation. Watching him is a lot like watching a lib attempt to make sense of reality. And when reality begins to make sense to him, he dodges it like it was a bullet. He's digusting to watch.

Might be better to take it straight to a friend of capitalism - John Stossel. A smaller audience, but a smarter audience. Orielly will just argue pitifully, and then falsley discredit him after he's gone.

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As a matter of fact, Stossel has already weighed in on the issue:
http://abcnews.go.com/2020/Stossel/story?id=4942065&page=1

Hillary Clinton and Barack Obama want to raise the price of oil, as well as most everything else, and lower the value of the pension and mutual funds that union members and retirees depend on.

Of course, they don't describe their plan that way. Instead, they call for a windfall profits tax on the oil companies.

But it's the same thing...

QUOTE:
Congress of course could address this problem if the Federal Reserve won't. Article I, Section 8, Clause 5 of the Constitution states that:

Congress shall have the Power "To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;"

Maybe we need to give the population a crash course in economics, starting a campaign for monetary reform. If the average American ever figured out how much the FED, with Congress an active co-conspiritor has cost them, their parents and grandparents since its inception, they may just decide its time to take back what has been stolen from them. Care to hazard a guess? No, its way more than that. No, even more than that. Read it and weep: Multiply a minimum of 40% times the GNP of every year since 1913. That is roughly how much the FED has ripped us off. This country could have had contiuously the highest standard of living in the world since 1913, except for the fact the New York bankers, their European counterparts and the bankrupt federal government decided it shouldn't be so. Why share with hoi polloi when you can rob him blind, instead? Notice, the federal government has its own retirement system, completely separate from social insecurity. I wonder why; could it be they know social insecurity is just that, a socialist ponzi scheme? You think? What would happen to that system if the federal government employees were required to deposit all their retirement program funds into S.iS.? Think they would pitch a major bitch, or just go quietly like all the other sheeple have? Washington would sound like the greatest slaughterhouse in the world, from all the bleating federal employees, decrying the massive loss they would be taking. What's sauce for the goose is sauce for the gander. If they want to represent us, maybe they could do a better job if they just felt some of our pain?

O'Reilley does sound more like Huey P. Long than Reagan, doesn't he?

mwilhite , Big DING! and accolades! Road apples is the spoil we get, lets change that!

Learned article + learned replies = good reading. Nearing retirement, I look back on over 40 years of teaching economics to undergraduates, MBA graduates, and PhD students. The PhD students are generally no problem, but the first two sets often are. They arrive I suppose fresh from a bunch of left-wing undergraduate or high school courses and already know everything that is false about the economy. The problem is much worse today than what it was 30 or more years ago. But the challenge is also greater. Never give up.
Yes, the public needs a crash course in economics. Many books already exist: books by David Friedman, Tom Sowell, and others. O'Reilly is indeed one who "disunderstands" economics, one who had the choice but chose deliberately to pretend misunderstanding because there is more money and fame in uttering nonsense.
jbm

Pain engraves a deeper memory. Bring on the anti-capitalist induced depression. Just watched the local news, covering the Obama Parties all over Toledo today. A more laughable display of idiots could not be imagined, or scripted.

One lady is quoted saying her three main concerns are #1 The War. #2 Health insurance, and #3 the economy. None of which are any of my concerns. I'm pretty sure she has better health insurance than me, and someone else is paying for it - to boot. Since mine is, pay every dime out of pocket up to $5200/yr, and I pay the whole monthly premium (by choice, and l love the price). The war has had probably zero effect on both of us, as well as 90% of every American, the other ten percent who are directly affected, SUPPORT IT. I would have fought it the same, instead just bomb them into oblivion and walked away, but what can you do. Good thing the president was more merciful.

Anyway, this dhimmwhit found out at this Obama party that he's going to fix all her concerns.

The devalued dollar continues to embarrass the financial structure and security, plus the standard of living of non-government employees.

Vote smart and raise hell for your future and your children’s future.