“ Now the Fed wants to be the systemic risk regulator. But the Fed is the systemic risk. Giving the Fed more power is like giving the neighborhood kid who broke your window playing baseball in the street a bigger bat and thinking that will fix the problem. ”
Senator Jim Bunning, Kentucky in his remarks to Federal Reserve Chairman Ben Bernanke and the Senate Banking Committee on the Federal Reserve Monetary Policy Report. This is the same statement you might have seen mentioned because of his “When I picked up my newspaper yesterday, I thought I woke up in France” line.