BDBoop
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That 1937 feeling all over again | Reuters
I think Congress is going to have to actually - Oh, I don't know ... do their JOB??
(Reuters) - Federal Reserve Chairman Ben Bernanke, an expert on the Great Depression, once promised that the central bank would never repeat its 1937 mistake of rushing to tighten monetary policy too soon and prolonging an economic slump.
He has been true to his word, keeping interest rates near zero since late 2008 and more than tripling the size of the Fed's balance sheet to $2.85 trillion. But cutbacks in government spending may end up having a similarly chilling effect on the economy, and there is little Bernanke can do to counter that.
I think Congress is going to have to actually - Oh, I don't know ... do their JOB??