Ummm, Bernanke and the Fed Did Cause 10 Million People to Lose Their Job

This minor point might have been worth noting in a piece discussing the Fed's efforts to prevent more congressional oversight. The Fed's decision to let the housing bubble grow unchecked was the cause of the current economic disaster, leading to a cumulative loss in output that is likely to exceed $5 trillion ($17,000 per person). Most people would get immediately fired from their jobs if they made a mistake that was remotely near this serious. It would be difficult to imagine how the Fed could have done worse at its job, yet because of the almost complete lack of accountability, no one there has lost their job or even missed a promotion because of its failure. Good reporting would point this out.

--Dean Baker