Wednesday, July 17, 2013
Ben Bernanke Tells Congress That It Is The Major Threat To Economic Recovery
One has to give the Fed Chairman credit. He told the GOP dominated House that Congress was that fiscal policy, which is set by Congress, will reduce economic growth below the Fed's forecast. He also told them that aggressive monetary, which most Republican members of House opposes, will continue as long as inflation remains below the Fed's 2% target and unemployment is above 6.5%. That is not what Republicans wanted to hear. It is expected that he will step down after his current term. The president may have a hard time replacing him with someone who is willing to tell Congress what he thinks about it's policies.