Talking about the Fed with Australian web site
Interviewed by Ben Eltham of newmatilda.com, an Australian web site. Read it here.
I asked Wessel if the Federal Reserve was now politically unpopular in the United States as a result of the bailouts.
"Yeah the problem that the Fed has is that the best they can really tell us is ‘It could have been worse’. But that’s not very comforting in an economy like the US, where we have 10 per cent unemployment, where 25 per cent of the people that have mortgages have a house that is not worth as much as their mortgage, and so forth.
"The Fed is, as you point out, quite unpopular now, and I think that’s because they filled a vacuum and they did things that felt was necessary for the good of the economy, but to a lot of Americans it looks like they bailed out Wall Street and they didn’t bail out Main Street, so they are now paying the price for that."
I really enjoyed my time in Australia, I will come back again for sure!
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