There’s only one person who is right for the job as head of the Federal Reserve — and that’s Ben Bernanke.
I’m not saying this because Bernanke, who will be pushed out of that position in January, has done so well and should be rewarded. No, it’s because Bernanke has placed the US economy at incomprehensible risk with his untested quantitative-easing money-printing operation, and he should be required to see his experiment through to the end.
As you have probably told your kids more than once: “You made this mess, now clean it up.”
The central bank’s policymaking Federal Open Market Committee meets today and tomorrow to decide what to do next. The betting is that the FOMC will pull back slightly on quantitative easing — a process known as “tapering” — and buy fewer government and mortgage bonds from the financial markets. The feeling is that the Fed will stop the stimulus altogether sometime next year.
If you’ve been following the economy for the last few years, you already know that the Fed pushed down interest rates to near zero in the wake of the financial crisis five years ago to help the economy. But the response was muted.
Read More at The NY Post . By John Crudele.