Threatening the Fed's independence
Expect to see at least one of these a day for the next couple of weeks.
"In academia and in the financial markets, the overwhelming attitude is: Hurrah, and thank goodness, for Ben Bernanke, who gets kudos for his boldness, creativity and smarts. "
Classic! After throwing trillions of dollars their way, who would have thought "the financial markets" would think Bernanke a great guy. Heck, throw a few trillion my way, and even I might be convinced he's not so bad.
"Passage of the Paul bill would be a step away from independent monetary policy and a step toward ending the Fed as we know it"
That's kind of the point, no? Ending the Fed, period, not just "as we know it."
"That is a step we should not take."
Oh, yes it is.
"The writer, a former vice chairman of the Federal Reserve Board, is a professor of economics and public affairs at Princeton University."
How surprising to find that a former Fed vice chair, and a colleague of Bernanke, thinks the Bernanke Fed is a-ok....
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