The idea that the Federal Reserve should be granted even more power than it already has is raising the eyebrows of at least one observer: Eliot Spitzer.  He writes: “The United States should not lightly put our fate back in the hands of the very entity whose oversight of the economy and financial sector brought us into the abyss. The Fed’s lack of accountability and transparency is no longer justified by its record or sound principles or public policy. Granting the power without asking the tough questions would be following the path of least resistance—regulators don’t want to answer the tough questions, and legislators would still rather defer to the Fed than grapple seriously with a tough problem.”

 Here is a link to the rest of his compelling editorial: http://www.slate.com/id/2221898/

 Michael