Assessing the Fed under Chairman Bernanke
August 31, 2009 at 20:23 PM EDT
[Skip to the end] “Worldly wisdom teaches that it is better for reputation to fail conventionally than to succeed unconventionally.” Keynes, Chapter 12, The General Theory of Employment, Interest, and Money The Fed has failed, but failed conventionally, and is therefore being praised for what it has done. The Fed has a stated goal of “maximum employment, [...]