Fed Chief Wants More Stimulation
Ben Bernanke doesn't really care if you call it a recession or, in his words, "a very serious slowdown in the economy." Whatever it is, the chairman of the Federal Reserve thinks a new stimulus package is needed to get those terrified Americans dipping into their mattresses and buying things again.
Ben Bernanke doesn’t really care if you call it a recession or, in his words, “a very serious slowdown in the economy.” Whatever it is, the chairman of the Federal Reserve thinks a new stimulus package is needed to get those terrified Americans dipping into their mattresses and buying things again.
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“We are in a very serious slowdown in the economy which has very serious consequences for the public,” he said.
“Whether it’s called a recession or not is of no consequence.”
[…] Any government spending would need to kick in quickly to encourage people and businesses to boost spending and help the economy during the period in which economic activity would be otherwise weak, he said.
The Federal Reserve chairman also said the package should include provisions that would aid the jammed credit markets, which has been a major factor in the economy’s slowdown.
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Market forces are colliding as another U.S. financial crisis brews. Meanwhile, sit tight on the roller coaster.
The September/October issue of Foreign Affairs features an article titled “Print Less But Transfer More: Why Central Banks Should Give Money Directly To The People.” It’s the sort of thing normally heard only from money reformers and Social Credit enthusiasts far from the mainstream. What’s going on?
"Hundreds of pages of transcripts, based on recordings made at the time, reveal the ignorance of Fed officials about economic conditions during the climactic months of the financial crisis," The New York Times reports.
Congress has the power to amend the Fed -- just as it did in 1934, 1958 and 2010. For the central bank to satisfy its mandate to promote full employment and become an institution that serves all the people -- not just the 1% -- the Fed needs fundamental reform.
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