Somehow, this line passed without ridicule at the WSJ. Maybe Mr. Bernanke missed it, but his independent Fed gave us the largest financial and economic crisis since the Great Depression. Does anyone really think that things would have been worse if the Fed had been more accountable?
Last fall, Mr. Bernanke told Congress that the Fed's policies had led to a situation in which the economy would completely collapse if it did not immediately approve $700 billion in loans for the banks. It is hard to imagine greater instability than what the Fed brought about with its current level of independence from Congress.
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The winds of authoritarianism are blowing stronger. We’re seeing alarming signs of a coordinated effort to silence critical voices and undermine the very foundations that support progressive causes. As Bob Kuttner presciently wrote in our August 2024 issue, a weaponized IRS could attack the very foundations of the progressive movement. We need readers to step up and help us dig in for the long haul.
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–David Dayen, Executive Editor
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