Open Letter to Ben Bernanke

wsj ^ | 11/15/10 | several economists

[Nachum]

The following is the text of an open letter to Federal Reserve Chairman Ben Bernanke signed by several economists, along with investors and political strategists, most of them close to Republicans:

We believe the Federal Reserve’s large-scale asset purchase plan (so-called “quantitative easing”) should be reconsidered and discontinued. We do not believe such a plan is necessary or advisable under current circumstances. The planned asset purchases risk currency debasement and inflation, and we do not think they will achieve the Fed’s objective of promoting employment.

We subscribe to your statement in the Washington Post on November 4 that “the Federal Reserve cannot solve all the economy’s problems on its own.” In this case, we think improvements in tax, spending and regulatory policies must take precedence in a national growth program, not further monetary stimulus.

We disagree with the view that inflation needs to be pushed higher, and worry that another round of asset purchases, with interest rates still near zero over a year into the recovery, will distort financial markets and greatly complicate future Fed efforts to normalize monetary policy.

[Uncle Ike]

The difference between speaking sense to Bernanke, and peeing into the wind??

When you pee into the wind, you get something back for your efforts....

[hondact200]

Did not Ben Bernake study how the Great Depression was created? What the h-e-double hockey sticks grade did he get for studying it, a big fat F, or was he like Odumbo received a Pass or failure for the coursework he accomplished. If this moron studied the Depression than I am Santa Claus.

[Uncle Miltie]

Heavy Artillery Incoming!

[Georgia Girl 2]

The voice of reason vs. the unknowing led by the uncaring.

[FromLori]

The ticker guy has an article with a video of one of the signers (Bove) explaining more on this...

http://market-ticker.org/akcs-www?post=172301