Bernanke Defends QE2, but others in Fed not so sure

Ben Bernanke was out in public defending the monetary stimulus otherwise knows as QE2.  Others at the Fed were no so sure.  Their comments suggest that they don't completely grasp what is going on, but since printing money is what they do, that will be their policy prescription.  Via NY Times:
“We are absolutely committed to keeping inflation low and stable,” Mr. Bernanke said. “We have the tools to unwind and tighten policy at the appropriate time, when that time comes.”

“We are still rewriting the narrative, and gaining an understanding, of what happened in the Great Depression and why,” president of the Philadelphia Fed, Charles I. Plosser, said. “No doubt it will be at least 50 years before we understand very well what happened in 2008 and 2009 and whether the Federal Reserve undertook the right policies or the wrong policies.”


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