Federal Reserve

PhD Economist: Fed has Caused Soaring Unemployment, Millions of Foreclosures, Millions Losing Life S

07/30/2009 • Washington;s Blog

In endorsing the bill to audit the Fed, PhD economist Dean Baker wrote last week: The country now has almost 25 million people who are unemployed or underemployed as a result of the Fed's disastrous policies. Millions of people are losing their homes and tens of millions are losing their life savings. The country is likely to lose more than $6 trillion in output ($20,000 per person) due to the Fed's inept job performance. He forgot trillions in unnecessary interest payments (and see this).