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The big question as Chairman Bernanke gets set for his first quarterly press conference is how Sarah Palin was able to figure out sooner than everyone else that the Federal Reserve’s campaign of quantitative easing wouldn’t work. Disappointment in the Fed’s policies is being reported this morning at the top of page one of the New York Times.
Damage control for the Fed, trying to explain why what they are doing is not working. I can't remember the last time a fed chief stood before the cameras to answer questions, other than before congress.
Quote:
Now here is the New York Times quoting a raft of economists who have reached the conclusion that Mrs. Palin’s warning was right down the line.
Sarah Palin, delving into a major policy issue a week after the mid-term elections, took aim Monday at the Federal Reserve and called on Fed chairman Ben Bernanke to "cease and desist" with a bond-buying program designed to boost the economy.
Speaking at a trade association conference in Phoenix, the potential 2012 presidential candidate and tea-party favorite said she's "deeply concerned" about the central bank creating new money to buy government bonds. Ms. Palin said "it's far from certain this will even work" and suggested the move would create an inflation problem.
As the Fed’s policy-making board prepares to meet Tuesday and Wednesday — after which the Fed chairman, Ben S. Bernanke, will hold a news conference for the first time to explain its decisions to the public — a broad range of economists say that the disappointing results show the limits of the central bank’s ability to lift the nation from its economic malaise.
It is possible for economists not in the employ of the government to be equally, if not more, competent that those who work for the Fed.
[I can't imagine she is working in a vacuum]
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