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The Fed’s reach into the economy has greatly expanded, and whether this is good for the economy is far from a settled question.
BETHEL — On Friday, July 9, Loretta Powers, stepped down as Bethel Town Manager to be Town Administrator in her hometown of nearby Newry. Scott Sumner,
According to nearly 70% of leading academic economists polled by the Financial Times earlier this month, the US economy will tip into a recession next year.
Many economists take for granted that the Federal Reserve has contributed positively to economic stabilization in the U.S., but its track record warrants a critical appraisal. Since the creation of the Federal Reserve in 1913 the U.S. has experienced the Great Depression in the 1930s, severe inflation and unemployment during the 1970s, a major banking crisis in the 1980s, and a severe financial crisis and recession in 2008. Recessions have not become less frequent or shorter in duration, and output has not become less volatile since the Fed was created.