May 29, 2013

I think this was an important moment

Matt Yglesias: Amy Klobuchar Asks Bernanke a Great Question and the Fed Chairman Has No Good Answer
Ben Bernanke's appearances before Congress are usually a parade of clueless questions, but Sen. Amy Klobuchar of Minnesota just asked him a great one. Noting that some members of Congress think the Fed should drop its dual mandate on inflation and unemployment and just focus on price stability, she asked Bernanke to explain what he would do differently if the mandate changed.
Bernanke hemmed and hawed a bit, but the crux of his answer was: nothing.
See also (from Yglesais) The Fast, the Furious, and the Long-Term Erosion of American Social and Economic Institutions. (The Other Front has been making these points for years, I think.)


Blogger The Other Front said...

It don't matter none what he does, as long as he don't go raising that there interest rate. He does that and a mess of folks gonna be outside his office with pitchforks, I'll tell you.

May 31, 2013 at 2:02 PM  

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