The Federal Reserve Board and the Presidential Candidates [View all]

[Ferd Berfel]

Once again Bernie is the only one standing up against the Oligarchy and for the American People.

http://www.huffingtonpost.com/dean-baker/the-federal-reserve-board_b_8858600.html

by Dean Baker

When it comes to the Federal Reserve Board and its importance to the economy, most of the candidates seem to be failing as badly as Donald Trump did on his nuclear triad test.

(snip)

This is important in the context of the presidential campaign because we have a large number of candidates for both parties' nominations, who say they want to increase growth and create more jobs. The Republicans mostly plan to boost growth and create jobs with tax cuts, while the Democrats want to spend more on infrastructure, education, and research and development. But regardless of their route for boosting growth, or the coherence of their strategy, no candidate will be able to accomplish their goal unless the Fed is on board.

This is why the reaction, or lack thereof, to the Fed's rate hike was so striking. Vermont Senator Bernie Sanders was the only presidential candidate who went on record with a comment on the Fed's action, criticizing the Fed for slowing the economy and preventing people from getting jobs. This raises the obvious question of whether the other candidates understand the importance of the Fed to the economy.