The Fed has even hired a lobbyist, Linda Robertson, to try to improve the Fed’s image. According to Bloomberg News, Robertson worked for Bob Rubin, who led the effort to repeal the Glass Steagal Act which opened the doors to the gambling casino which has almost destroyed our economy. She also worked for Obama’s current economic advisor, Larry Summers, who led the opposition to regulating derivatives, the main cause of the present financial crisis. And she worked for Enron, the largest corporate Ponzi scheme of them all. She surely has the right experience!
Again quoting Bernanke. “The Federal Reserve is an institution that people don’t hear so much about, but it’s a very important one. It manages monetary policy for the country. It’s one of the main tools we have for stabilizing our economy and keeping prices stable.”
How have they done as managers? Right from Bernake’s mouth. The Fed is in charge of monetary policy. Monetary policy drives the economy.
