Senator Charles Schumer (D-NY) to Fed Chairman Ben Bernanke:
Get to work Mr. Chairman
The deep problems with our economy are not primarily matters of monetary policy (although excessively low rates maintained by the Greenspan Fed did contribute materially to asset overvaluation and the consequent 2008 crash.) Rather, our current problems are primarily a function of bad policies driven by Mr Schumer’s Democratic Party, ranging from suppression of American energy supplies to overweening regulatory arrogance to a legal climate encouraging destructive litagation to a dysfunctional public school system which every year produces millions of almost illiterate and virtually unemployable graduates.
Instead of taking their foot off the air hose of our economy, Chuckles and many of his fellow Democrats are demanding that the Fed simply turn up the air pressure. And when the hose breaks, I’m sure they’ll find lots of people other than themselves to blame.
Related post here.