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Friday, July 1, 2011

Former FED chief: Little Impact From Fed's Massive Stimulus Program

The only thing the stimulus did was to grow government, payback unions for their support, and massively increase the national debt

Fed's Massive Stimulus Had Little Impact: Greenspan

Published: Thursday, 30 Jun 2011 | 5:24 PM ET

Alan Greenspan

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Alan Greenspan

The Federal Reserve's massive stimulus program had little impact on the U.S. economy besides weakening the dollar and helping U.S. exports, Federal Reserve Governor Alan Greenspan told CNBC Thursday.

In a blunt critique of his successor, Fed Chairman Ben Bernanke, Greenspan said the $2 trillion in quantative easing over the past two years had done little to loosen credit and boost the economy.

"There is no evidence that huge inflow of money into the system basically worked," Greenspan said in a live interview.

1 comment:

  1. qe2 -the greatest tax ever imposed on the american people.the inflation that quanitative easing brought only higher costs of basic stables and taxes to american's the bulk of this money only went to the opec countries and lined their pockets as with the banksters who saw their bonuses rise to the highest levels ever