Political Quotes

“Over the last 6 years, Americans have watched as the Federal Reserve has embarked on an interventionist monetary policy to an unprecedented degree. The Fed's quantitative easing marked a dramatic departure from traditional monetary policy in the United States, and it resulted in a massive expansion of the Fed's balance sheet to some $4.5 trillion. To put this number in perspective, that is almost five times the size of the Fed's balance sheet before the financial crisis when it stood at $800 billion. It also represents one-quarter of the total size of the U.S. economy. Unfortunately, despite this enormous expansion and influence over the economy, the Fed has persistently failed to implement measures to increase transparency as to its decisionmaking. Americans continue to face a sluggish economy that has fallen far short of its potential, and they want to know the reasoning behind the Fed's actions or lack thereof. This is particularly important for those who have saved money for their retirement, especially grandparents on fixed incomes, who are being directly harmed by the Fed's decision to keep rates at near zero. They want transparency and answers from their government. I suggest also our citizens should understand why the Federal Reserve would take an unprecedented action to explode its balance sheet by more than 400 percent over 5 years. No one--no one--knows how this experiment will end up turning out.…”