New Fed Chair

Janet Yellen is credited with being one the first economist at the Federal Reserve to point to the bubble in the housing market in 2007. That is not bad for an economist but the average person following the stock market in 2007 had known about the real estate bubble for most of the decade.
Why can’t economists get it right? Some can but those are the ones who do real things in the real world. The Federal Reserve is at a big disadvantage because it is not possible for government to do what is right with respect to guiding the economy. Governments do not make economic decisions. Governments make political decisions. To make an economic decision, it is necessary to be a buyer or seller in one or more markets with one’s own money.
Anything that is done by government for the purpose of helping the economy does more harm than good.

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