Bloomberg: Obama Fed Picks to Help Bernanke Manage Stimulus End
By Joshua Habben, Research & Risk Analyst | Thursday, April 29th, 2010 18:03 UTC
The appointment of three Federal Reserve governors today is significant, but the impact will be minor since they fall in line with the current board of governors. Senate confirmation is still required for the appointees.
“This will be a group of doves slanted toward job creation and growth, increasing the likelihood of rates staying low for a long time,” said former Atlanta Fed research director Robert Eisenbeis, now chief monetary economist at Cumberland Advisors Inc. in Vineland, New Jersey.
These appointments show the president’s desire for continued easy monetary policy, which also enables irresponsible fiscal policy. Unfortunately artificially depressing interest rates causes distortions in the economy and leads to malinvestment. It is what caused the housing and financial bubbles, and the Fed seems determined to create another to replace them.
I remain unconvinced that the Federal Reserve, who caused the bubble and got everything wrong until after it burst somehow has the answer to unwind the unprecedented levels of stimulus and their massive toxic balance sheet. So today’s news helps further support the long term assessment for holding interest rates low for an extended period and USD weakness.
April 29 (Bloomberg) — President Barack Obama’s appointment of three Federal Reserve governors will bring the board to full strength for the first time in four years, helping Chairman Ben S. Bernanke manage a withdrawal of record monetary stimulus and an overhaul of bank supervision.
Read the full article on Bloomberg.com
Obama Fed Picks to Help Bernanke Manage Stimulus End
April 29th, 2010
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