Magazine : Archives : 2nd Quarter 2009
Will the Fed’s Medicine Work?
As I write this, the Federal Reserve has announced a huge new program to buy various kinds of debt designed to lower interest rates for home mortgages and other loans (such as securitized consumer loans). This action is another major step in the new era of the proactive Fed that puts large amounts of “Fed-created” money into the economy. The Fed money is intended to restart the seriously sick real economy by providing credit not available from the private sector.Fed activity is unprecedented–a new activism never seen before in the history of the United States. Fed Chair Ben Bernanke, a...
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