Sen. Corker: Bernanke Is an Enabler of Financial Addiction

“Federal Reserve Chairman Ben Bernanke’s loose monetary policies marked by rounds of liquidity injections act like a drug to which markets and the economy remain addicted, awaiting their next fix instead of embracing true reform, said Sen. Bob Corker, R-Tenn., a member of the Senate banking committee.

Since the recession, Bernanke has cut interest rates and has rolled out two rounds of quantitative easing (QE), under which the Fed buys assets like Treasury holdings or mortgage-backed securities from banks, pumping the economy full of liquidity to push down borrowing costs and encourage investing, sending stock prices rising in the process.

QE1 injected $1.7 trillion worth of freshly printed money into the economy and then QE2 followed up with another $600 billion.”

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