August 29, 2012

If only the Fed had heeded its dual mandate

Sir, Bob Corker, in “Bernanke should show some humility at the Fed” August 29, writes “A big part of the problem is that the US Congress has given the Fed an overly broad “dual mandate” of price stability and full employment… this approach…undermines the free market system” 

Although I agree that the free market has been undermined, in this case it happens to be precisely because the Fed ignored its mandate on full employment. Had it not done so, it could never ever have approved bank regulations that so overly discriminate against job creators, like small businesses and entrepreneurs, only on account of these being perceived as “risky”… and all that, in “the Home of the bBave”