“‘Monetary policy has little scope to stimulate the economy,’ Summers suggested in September 2008, ‘given how low interest rates already are and the problems in the financial system.’ Since then, the Fed has bought $2.3 trillion in Treasury and mortgage bonds. It also increased the money supply to unprecedented levels. In contrast, the other front-runner, Federal Reserve vice chair Janet Yellen, said back in March she would not taper anytime soon. CNBC’s poll of Wall Street analysts indicated they believed Yellen would better manage a financial crisis. Translation: She is more likely to keep the presses hot.”
Posted on: Tue, 30 Jul 2013 00:20:00 +0000
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