On Charlie Rose.He is a voting member of the FOMC.
Offers a remarkably candid critique of the Fed's handling of the financial crisis of 2008. Many of his opinions are similar to those expressed on these pages.
Including:
Too much expectation that the Fed can be the Saviour in any situation.
Inflation becomes unanchored when it rises above three percent. It is important to maintain this anchor.
The banking crisis was dealt with incorrectly (Banks were coddled).This has dangerous negative consequences for the future.
Fed policy has inappropriately crossed the line from Monetary to Fiscal policy.
The Fed has reached the limits of what it can do for employment.
Offers a remarkably candid critique of the Fed's handling of the financial crisis of 2008. Many of his opinions are similar to those expressed on these pages.
Including:
Too much expectation that the Fed can be the Saviour in any situation.
Inflation becomes unanchored when it rises above three percent. It is important to maintain this anchor.
The banking crisis was dealt with incorrectly (Banks were coddled).This has dangerous negative consequences for the future.
Fed policy has inappropriately crossed the line from Monetary to Fiscal policy.
The Fed has reached the limits of what it can do for employment.
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