Thursday, May 24, 2012

 
 
 

 
 
 
 
 
This could be the Ben Bernanke quote of the year
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Tuesday, February 07, 2012
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From Newsmax:

David Stockman, a former congressman and budget director for President Ronald Reagan, isn't too impressed with Ben Bernanke's stewardship of the Federal Reserve.

Specifically, he's upset with the Fed's accommodative monetary policy and Bernanke's suggestion that Congress cut the budget deficit, but not too quickly in light of the economy's weakness.

"Bernanke testifying on the budget is about as credible as an arsonist lecturing on fire prevention," Stockman tells Yahoo.

"They've crushed interest rates, they've flattened the yield curve, they've made financing the deficit almost pain free. When you do that, you totally eviscerate any resolve on Capitol Hill to face down this monster."

Congress won't act on cutting the deficit unless it fears the consequences of not acting, Stockman says...

Read full article...

More government stupidity:

Why the Fed's "zero interest-rate policy" is so bad

These facts show the U.S. gov't is actively making unemployment worse

If the U.S. and Europe would follow their own simple rules, our economies could BOOM

Topics: Government_Stupidity | Inflation | Boondoggle
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