Monday, September 17, 2012
Robert Samuelson Joins George Will In Criticizing Fed Policy
Predictably, two of the Washington Post opinion writers have found fault with the Fed's efforts to with persistent unemployment. I posted George Will's critique last week. This week Robert Samuelson makes his case against the Fed. The FOMC debated the issues that Samuelson discusses and it voted to take the actions that it announced. Its members include the presidents of regional Fed banks that have access to detailed economic information in their regions. Only one of the 12 regional presidents voted against the Fed's decision to take further actions to address the economic weaknesses that they see in the economy. Conservative op-ed writers like George Will and Robert Samuelson do not have the same information, or the same mission as Samuelson and Will. The Fed is responsible for doing what it thinks is in the public interest. They may make mistakes, but they are not driven primarily by ideology and the election cycle. One cannot say the same thing about Samuelson and Will.