Macroeconomic Advisors on yesterday’s monetary policy oversight hearings: “On policy, [Bernanke’s] discussion seemed even less balanced than that of the minutes. It was as if he was a bit out with touch of the Committee too! The oversight committee once again mostly passed on the opportunity to pose probing questions on the conduct of monetary policy. Sadly, only 14 percent of the questions were on monetary policy.”
I think the joyous benefits of the independent central bank are failing to materialize and in Europe and Japan things are even worse. But nothing about the United States Congress inspires faith in their ability to handle this either. Only 14 percent! At the monetary policy hearing!