Sorry, that's crap. Look up "monetary offset". It was, from start to finish, the Fed's fault. If Obama wanted a quicker recovery, he shouldn't have led jobs on the Fed Board unoccupied for as long as he did.
I think you're right Winston that the Fed was indeed accomodative:
https://fred.stlouisfed.org/series/FEDFUNDS
And that's not even getting into the other enormous enlargements of its balance sheet e.g. QE, QE II, Maiden Lane LLC, Special Lending Facilities etc. In fact, the Fed kind of saved the day since the stimulus was nowhere near adequate, and included some useless stuff like upper-level tax cuts in an attempt to get GOP buy-in.
Although Lorenzo is right that Obama should have filled the Board of Governors faster. But didn't they filibuster Peter Diamond or something?
Sorry, that's crap. Look up "monetary offset". It was, from start to finish, the Fed's fault. If Obama wanted a quicker recovery, he shouldn't have led jobs on the Fed Board unoccupied for as long as he did.
ReplyDeleteNooooooo....
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I think you're right Winston that the Fed was indeed accomodative:
ReplyDeletehttps://fred.stlouisfed.org/series/FEDFUNDS
And that's not even getting into the other enormous enlargements of its balance sheet e.g. QE, QE II, Maiden Lane LLC, Special Lending Facilities etc. In fact, the Fed kind of saved the day since the stimulus was nowhere near adequate, and included some useless stuff like upper-level tax cuts in an attempt to get GOP buy-in.
Although Lorenzo is right that Obama should have filled the Board of Governors faster. But didn't they filibuster Peter Diamond or something?