The Daily Ticker has the story One Man Is Putting the U.S. Economy & Markets At Risk, Says David Kotok.

David Kotok, co-founder and chief investment officer of Cumberland Advisors, had been expecting further gains in stocks, but now he tells The Daily Ticker that the market and the economy are vulnerable because of one man — Senator Rand Paul.

Can you imagine putting something as important as the Fed under the oversight of this dysfunctional Congress? It is not that Rand Paul wants to have oversight of the Fed. The problem is that he wants the Fed to go back to the same policy that even Milton Friedman said made the great depression worse.

The fiscal irresponsibility of the Congress is in not allowing enough stimulus so that the Fed is forced to use its only policy tool, monetary easing, as ineffective as it might be.

The Fed has made liquidity flow freely enough so that monetary policy is no longer a drag on the economy. Beyond that, only a strong dose of fiscal stimulus can help. Given that we need trillions of dollars in investment in our infrastructure regardless of the economic conditions, wouldn’t doing this investment when the costs are low and the economy needs stimulus be the best time to do it?

We certainly don’t need massive infrastructure investment when the economy is roaring along and such investment would compete for non-monetary resources that can be productively used in the private sphere.

Admittedly there is no logic I can use to dissuade people who think that Ron and Rand Paul are geniuses when it comes to their ideas about the Fed and the economy in general.