4.24.2011

New York Times: Economists agree Bernanke is a failure

NYT:
The Federal Reserve’s experimental effort to spur a recovery by purchasing vast quantities of federal debt has pumped up the stock market, reduced the cost of American exports and allowed companies to borrow money at lower interest rates.

But most Americans are not feeling the difference, in part because those benefits have been surprisingly small. The latest estimates from economists, in fact, suggest that the pace of recovery from the global financial crisis has flagged since November, when the Fed started buying $600 billion in Treasury securities to push private dollars into investments that create jobs.

Gee, who could have seen that coming?

UPDATE: Sarah Palin saw it coming. Ben Bernanke, like other Ivory Tower academics before him, gets schooled by Sarah Palin.

No comments:

More stuff that broke around 1971

We've noted before  that a bunch of economic trends turned bad when Nixon closed the gold window and we launched into the current pure f...