Writing at Slate, Daniel Gross wonders why Fed Chairman Ben Bernanke doesn’t seem to care much about high unemployment: In a speech earlier this month,
“„In a speech earlier this month, Bernanke noted that “in all likelihood, a significant amount of time will be required to restore the nearly 8-1/2 million jobs that were lost nationwide over 2008 and 2009.” In another recent speechin Michigan, he acknowledged that “high unemployment imposes heavy costs on workers and their families, as well as on our society as a whole.” But he doesn’t seem inclined to do anything about it. The Federal Open Market Committee this weekstood pat on monetary policy and announced no additional efforts or initiatives to combat persistent high unemployment.
“„For example, remember when conservative Republican George W Bush was president and made Ben Bernanke chairman of the Council of Economic Advisors? And remember when Bush put Ben Bernanke in charge of the Fed? And remember when Ben Bernanke didn’t see the underlying problems in the financial system? But remember how, in a moment of crisis, Bernanke didturn out to believe in forceful government intervention on behalf of financial institutions and asset owners? And that time when, having stabilized asset markets, Bernanke stopped caring about unemployment and wages? And then, of course, there was the time Bernanke opposed the creation of an independent Consumer Financial Protection Agency.
“„If it looks like a duck and quacks like a duck, then it’s probably a duck.