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Fed Chief Pooh-Poohs Stagflation, Warns of Bank Failures
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The economy is not close to a 1970s-style mix of stagnant growth and high inflation, Federal Reserve Chairman Ben S. Bernanke said yesterday, but he painted a generally dour outlook and cautioned that the downturn is likely to cause some small banks to go under. (Washington Post [1], Friday)
The illusion of control.
FEE Timely Classic
The Fed Sets Interest Rates? It Just Ain't So! [2] by Richard H. Timberlake
Article printed from Foundation for Economic Education: http://www.fee.org
URL to article: http://www.fee.org/articles/in-brief/fed-chief-pooh-poohs-stagflation-warns-of-bank-failures/
URLs in this post:
[1] Washington Post: http://www.washingtonpost.com/wp-dyn/content/article/2008/02/28/AR2008022801770.html
[2] The Fed Sets Interest Rates? It Just Ain't So!: http://fee.org/publications/the-freeman/article.asp?aid=4944
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