On the recordDecember 2, 2009
I think there is an appropriate division of labor: Congress and the administration, fiscal policy; Federal Reserve, monetary policy.
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congress.govI think there is an appropriate division of labor: Congress and the administration, fiscal policy; Federal Reserve, monetary policy.
Bernanke emphasizes the separation of fiscal and monetary policy responsibilities.
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forcing these activities out of insured depository institutions would weaken both financial stability and strong prudential regulation of derivative activities.
I would argue that it is not responsible to focus all of the restraint on the very near term and do nothing about the long term.