It's the Fed we once had -- when a more democratically accountable bank was enlisted to patriotically finance America's war debt.
Timothy A. CanovaOct 07, 2010
Throughout the past year, Federal Reserve Chair Ben Bernanke has led the choir in warning about the size of the federal deficit. In July, he endorsed extending George W. Bush's tax cuts for the wealthiest households, while suggesting the need for spending cuts to offset the revenue loss. Bernanke's repeated alarms have heightened fears that public deficits could "crowd out" private borrowing, force up long-term interest rates, and choke off the anemic recovery.