Welcome to Capital Account. Ben Bernanke was back on the hill today, in
his second day of testimony before members of Congress for his
Semi-Annual Report. He has slowly started to change his tune over the
course of recent appearances. It seems as if the same man who claimed,
with incredible hubris, that the Fed could drop money from helicopters
if necessary in order to reliquify and reignite the economy is now
openly stating that there are limits to what monetary policy can
achieve....
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