I couldn’t believe my eyes when I read this. A Federal Reserve senior official, Thomas Hoenig, said this today: “I am confident that holding rates down at artificially low levels over extended periods encourages bubbles, because it encourages debt over equity and consumption over savings.” Whaa?? Someone in the Fed who actually understands the root [...]
Posts Tagged ‘Federal Reserve’
Bernanke Testimony from Today – Stonewall Jackson
As it was said on the Naked Capitalism blog entry pertaining to this testimony, “Bernanke basically stonewalls and refuses to offer reasonable explanations. Not sure if he is treating the Congress as stupid or not entitled to know, but he backs himself into a real whopper with his non-defense defense (see 2:55 to 3:20).” In [...]
