Tags: Bernanke | Fed | public | easing

Bernanke: Fed Couldn't Do Much More to Sell Public on Easing

By    |   Wednesday, 23 April 2014 08:58 PM

While much of the public saw the Federal Reserve's massive easing program as simply a bailout of the rich, there wasn't much more the Fed could do, asserts former Fed Chairman Ben Bernanke.

"There was a sense we were favoring Wall Street as opposed to Main Street," he said in a Toronto speech Tuesday, Canada's Financial Post reports. "That is unfortunate, [but I'm] not sure what we could have done differently."

Bernanke is certainly concerned about public perceptions.

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"One of the challenges still out there is to help people understand why stabilizing the financial system . . . was so important," he said, referring to the Fed's assistance to the financial industry, according to The (Canadian) Record.

"I still think there are a lot of people out there who really don't understand why we did what we did."

Bernanke acknowledged that Fed policy can create "distortions" in financial markets, and he said dealing with them is "a difficult question."

Bernanke also admitted that the Fed "didn't identify all the aspects of the [financial] crisis" at the time. "In the fog of war there are many things we did that were imperfect," he said.

MarketWatch columnist Al Lewis lambastes the Fed for its easing.

"Our financial system is so corrupt you might say that a fish rots from the Fed," he writes. "How else can one describe a regime that punishes savers and rewards borrowers and speculators for years on end?"

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While much of the public saw the Federal Reserve's massive easing program as simply a bailout of the rich, there wasn't much more the Fed could do, asserts former Fed Chairman Ben Bernanke.
Bernanke, Fed, public, easing
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2014-58-23
Wednesday, 23 April 2014 08:58 PM
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