Alan Greenspan says you’re wrong if you think President Obama’s massive $timulu$ had absolutely no impact on the economy. To the contrary, the former head of the Fed says it weakened the dollar and made everything from food to commodities cost more.
Far be it from us to speak for Greenspan, though, so let’s let CNBC deliver the details:
In a blunt critique of his successor, Fed Chairman Ben Bernanke, Greenspan said the $2 trillion in quantative easing over the past two years had done little to loosen credit and boost the economy.
“There is no evidence that huge inflow of money into the system basically worked,” Greenspan said in a live interview.
“It obviously had some effect on the exchange rate and the exchange rate was a critical issue in export expansion,” he said. “Aside from that, I am ill-aware of anything that really worked. Not only QE2 but QE1.”
That’s quite a little legacy Ben Bernanke and Barack Obama are leaving: Massive debt, a weaker dollar and a crippled economy.
And to paraphrase President Obama, “It worked so well the first time, let’s do it again.”
Watch the entire video, he has a lot more to say on what we’ve done and where we’re going, and it ain’t pretty.
Source: CNBC
"http://feeds.feedburner.com/~r/ihatethemedia/~4/tcaW6BUXgP4" height="1" width="1">"
No comments:
Post a Comment