It's the modus operandi of BushCo: Turn every issue into a war. Trouble is, they always seem to be fighting the wrong one.
According to Robert Reich and others, Federal Reserve Chairman Ben Bernanke is no exception. Let's hope he realizes that this isn't 1970 before he turns the economy back to the 1930's Depression.
Read: Robert Reich - Inflation Jitters?
Photo credit: Federal Reserve Chairman Ben Bernanke is seen at the Library of Congress in Washington, June 13, 2006. (Jim Young/Reuters)
Related:
- Dean Baker | Wall Street Rules
"It is important to understand that [the Fed's] method of restraining inflation does not affect everyone equally. The people who lose their job when the Fed raises interest rates tend to be factory workers, retail clerks, and custodians, not doctors, lawyers, and CEOs. In other words, the Fed controls inflation by forcing the middle class and poor to face higher unemployment and take pay cuts," writes Dean Baker.
Technorati tags: Inflation, Robert Reich, TomPaine.com, Recession, Depression, Economic Trends, Federal Reserve, news, commentary
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