David Stockman, a former congressman and budget director for President Ronald Reagan, isn’t too impressed with Ben Bernanke’s stewardship of the Federal Reserve.
Perspectives
“Bernanke Testifying On the Budget is About as Credible as an Arsonist Lecturing on Fire Prevention”
Money NewsDavid Stockman, a former congressman and budget director for President Ronald Reagan, isn’t too impressed with Ben Bernanke’s stewardship of the Federal Reserve.
Specifically he’s upset with the Fed’s accommodative monetary policy and Bernanke’s suggestion that Congress cut the budget deficit, but not too quickly in light of the economy’s weakness.
“Bernanke testifying on the budget is about as credible as an arsonist lecturing on fire prevention,” Stockman tells Yahoo.
“They’ve crushed interest rates, they’ve flattened the yield curve, they’ve made financing the deficit almost pain free. When you do that, you totally eviscerate any resolve on Capitol Hill to face down this monster.”
Congress won’t act on cutting the deficit unless it fears the consequences of not acting, Stockman says.
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