Bernanke Revives "We're All Keynesians Now"

Last week at the famous Federal Reserve confab at Jackson Hole, Wyoming, Chairman Ben Bernanke laid the groundwork for Quantitative Easing III. He couldn’t contain himself about how well the first two versions of the big Fed asset-purchase program had turned out over the last few years—unemployment is down from the peak and all that. Bernanke even suggested that had we tried QE in the 1930s, it might have solved the Great Depression.

Then the Fed Chair echoed the President (even using Obama’s rhetorical security blanket—“headwinds”) in saying that the lack of further expansion in the governmental sector is holding us back.

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