Sunday, October 23, 2011

Fed Policy

I've watched a variety of Republican candidates for President as well as many others attack the job the Fed is doing, and attack Ben Bernake.  And I really don't want to defend either - I think they are doing a lousy job and have punished savers and retirees at the benefit of the over-leveraged and private equity businesses.

However, fiscal policy has been a disaster for the last dozen years.  Bush II had a terrible fiscal policy, and Obama has just made it worse. Congress has been hopelessly irresponsible.  It seems to me that anyone who has served in Congress recently has no credibility criticizing the Fed.

All considered, the Fed has done a decent job considering how horrendous fiscal policy has been.
Enhanced by Zemanta

No comments: