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by dragonwriter
2882 days ago
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> and utterly failed to predict that printing massive amounts of money from 2009-2014 would not stimulate economic activity. No, they didn't. Both the people at the Fed and mainstream economists outside have always pointed out that monetary stimulus is an extremely limited tool. They may have failed to predict that Congress would be completely asleep at the wheel and neglect fiscal stimulus, but then even had they predicted that there is little they can do about it. |
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That's true, but it's also true that Bernanke and other Fed leaders were predicting that the economy was going to improve over the next few years even in 2008, when the crash was already starting. Even a limited tool can't be used properly if you don't have predictive ability.