Federal Reserve Chairman Says Economy Is Hurting, Refuses To Do Anything About It
http://thinkprogress.org/economy/2012/07/18/542251/bernanke-economy-hurting/But Bernanke then added that the Fed is not really going to do anything about it, even though its mandated to strive for full employment:
This is, sadly, nothing new. As economist Chad Stone showed in U.S. News & World Report, the Fed has consistently failed in its obligation to fight unemployment:
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sasha031
(6,700 posts)snot
(10,540 posts)Last edited Mon Jul 23, 2012, 11:07 PM - Edit history (1)
besides print more money, which i.m.h.o. would probably not help any more than it already has -- which is damn little -- because it's not going to people who need it and would spend it?
Congress needs to try a stimulus based on the trickle UP theory for a change, including helping States meet their budgets to avoid the impending layoffs of more firemen and teachers, as well as impending firesale sell-offs of public infrastructure, and adopt a WPA-style program.
On edit: Sorry, I should have gone and read the article first. But my opinion stands. While I agree with the lack of confidence in Bernanke, the article relied on re- "6 things" is, i.m.h.o., moronic. Four of the 6 things are basically the same thing, printing money, which we've already done plenty of, and the other things would be unlikely to have significant effect.