Christian Post (Link) - Joseph Perkins (August 26, 2011)
Federal Reserve Chairman Ben Bernanke said today that the weakened state of the U.S. economy is attributable, in large part, to the dysfunctional process by which the nation’s lawgivers make fiscal decisions.
“The quality of economic policy-making in the United States will heavily influence the nation’s long term prospects,” he told an audience of central bankers, economists and academics attending an economics conference in Jackson Hole, Wyo., hosted annually by the Federal Reserve Bank of Kansas City.
The Fed chief’s remarks were much anticipated by the financial communities here and abroad, which wondered whether Bernanke would offer a hint of a major new Fed initiative, as he did at last year’s conference.
But there was no such hint today, which signaled to conference attendees that there will be no third round of bond-buying by the Fed, which purchased more than $2.5 trillion in longer term securities during two previous rounds of “quantitative easing,” the most recent of which ended this past June.