Foxs News Front Page - Paul: Bernanke Is Out of Options to Save EconomySubmitted by rp311 on Sun, 08/28/2011 - 18:46
Chairman Ben Bernanke is not calling for another fix to the economy by the Federal Reserve because he's already used up all the quivers in the Fed's bow, Rep. Ron Paul said Sunday.
Paul is a 2012 Republican presidential candidate and supports the U.S. returning to the gold standard to protect its currency and force a balanced budget. He has been highly critical of the Federal Reserve and its chairman over plans for "quantitative easing," a two-part program which flooded the market with dollars in an attempt to make money more available for borrowing and lending.
Paul argued that Bernanke's plan to buy bank assets and drop more than $2 trillion into the economy did not yield the results the chairman hoped, a conclusion that Paul says Bernanke implicitly acknowledged during a speech last week in which he offered no new bailout programs from the Fed.
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