NYT ‘Shazam!’ Moment: ‘Stimulus by Fed Is Disappointing’
Perhaps you hadn't noticed, but in late August 2010 Ben Bernanke took on complete responsibility for everything — especially everything mediocre or bad — that occurs in the economy. I know this because on August 27 and 28 (covered here and here ), the Associated Press issued three reports essentially telling readers that it was up to Ben to save us. There wasn't anything Barack Obama, Tim Geithner, Nancy Pelosi, Harry Reid, or then-present Larry Summers could possibly say or do to improve the economic situation, described at the time as “appears to be stalling” in one of those AP items. Out of this came what has come to be known as “QE2″ (the second round of “quantitative easing”), otherwise known as “electronically printing money to buy U.S. debt because possibly no one else will.” Well, it hasn't worked out so well, according to the New York Times, whose Binyamin Appelbaus reported the “surprisingly” pathetic results on Sunday: Stimulus by Fed Is Disappointing, Economists Say
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on April 25, 2011. Filed under