Maxine Waters and the rest of the Congressional Black Caucus need to be braver when it comes to the economy. Time to stop towing the line.
This morning in her opening statement during a hearing on the Federal Reserve, Mrs. Waters praised Federal Reserve chairman Ben S. Bernanke for implementing monetary policy that has stimulated economic growth, lending, and employment. Really? I don’t claim to be the sharpest tack in the room, but black American unemployment has been in the double digits since July 2008 while the Federal Reserve has been carrying additional mortgage backed and asset backed securities on its balance sheets since 2007. The fed funds rate, the rate at which banks lend other banks money, has been near zero for years.
The only group that Federal Reserve policy has helped is investors, specifically since the market hit bottom on 9 March 2009 and has been climbing since. (All the investors wave your hands in the air and wave ’em like you just don”t care).
If you call these people your “leaders”, then start holding them accountable for spewing nonsense …