Maybe It’s Your Philosophy, Ben
There’s an army of right-leaning and libertarian bloggers who would be willing to offer this puzzled economic power broker a pointer or two:
The economy’s continuing struggles aren’t just confounding ordinary Americans. They’ve also stumped the head of the Federal Reserve.
Fed Chairman Ben Bernanke told reporters Wednesday that the central bank had been caught off guard by recent signs of deterioration in the economy. And he said the troubles could continue into next year.
What’s the quote from Keynes? “The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood.” Maybe Mr. Bernanke needs to question whether he’s getting something wrong from the point at which he makes assumptions about how the world works.