The ‘peddlers’ of fiscal stimulus who say monetary policy (the Fed) is powerless at the ZLB-LT, and the inflation “nutters” have both done a grave disservice. Binyamin Appelbaum reports: “Majority of Americans Doubt Benefits of Fed Stimulus”:
Only one in three Americans has confidence in the Federal Reserve’s ability to promote economic growth, while little more than a third think the Fed is spinning its wheels, according to a New York Times/CBS News poll.
The remaining respondents said they did not know enough to answer.
Most Americans, it would appear, remain either unaware or unpersuaded.
Interestingly, Greenspan was dubbed “The Maestro” with the Fed being “The Soloist”. Bernanke, apparently, has downgraded the Fed to “third or fourth fiddle”!