Bernanke Gets a Free Pass on Capitol Hill

Ben Bernanke

Federal Reserve Chairman Ben S. Bernanke told lawmakers on Capitol Hill today that progress in reducing unemployment is likely to be “frustratingly slow.” Not exactly music to the ears of the "forward" message of the Obama re-election efforts.
Bernanke said the Federal Open Market Committee is considering whether the economy will need additional stimulus to reduce an unemployment rate that has remained well above 8 percent since February of 2009. Bernanke suggested moves by the Fed to reduce the cost of borrowing by the Federal government have been “effective in easing financial conditions and promoting strength in the economy.”
However, Bernanke made no mention of how the Fed’s “large-scale asset purchases” have actually destroyed the interest income earning potential of millions of savers in the U.S. By forcing interest rates down to Depression Era levels or worse, the actual costs of the massive government deficits the last three years has been masked. None of the lawmakers challenged Bernanke today on the horrific damage done to savers who rely on interest income, as a result of government-friendly anti-saver policies.

Bernanke Gets a Free Pass on Capitol Hill