Geithner effectively admits that he feels Congress shouldn't touch monetary policy

The NYTimes' Dealbook was liveblogging today's Senate Banking hearing with Tim Geithner.

The two most interesting parts I noticed were:

9:50 a.m. Geithner Gets to It: The Treasury secretary begins his testimony, calling the issue a “critical debate for our country, let’s get to it.” In his opening statement, Mr. Geithner says past efforts to reform the regulatory system started too late, when the political will created during a previous financial crisis had already faded away as the economy recovered.

So Geithner starts out his testimony by saying we must act fast! But when Senator Bunning starts asking questions about the Fed's horrible monetary policy that is destroying the US dollar (and America with it), America's top-ranking known liar has a different take on the need for speed:

10:48 a.m. Loose Money: Many have blamed the Fed’s loose monetary policy for helping to inflate credit bubble that recently burst. Jim Bunning, a Republican from Kentucky, wonders if there’s anything in the proposed financial reforms that addresses the Fed’s money policy. Mr. Geithner says the legislation does not address all causes of the latest financial crisis, adding that the Fed’s interest-rate policy may need to be examined in the future.

New flash! The Federal Reserve and their destructive monetary policy includes their interest-rate policy. To ignore this is to sidestep the one of the key components of the financial meltdown. As President Andrew Jackson did 170 years ago, America's central bank must again be killed.

Geithner, Bernanke and Larry Summers all ought to be fired.

Tim White