“Divisions at Fed Meeting Led to a Compromise on Interest Rates” (TIMES, 8/31/11)


     Catherine Rampell’s judgment that “No one knows what to do to fix the economy” is much too pessimistic.  The members of the Federal Reserve system may remain in the dark but lots of other people, even including conservatives, think the implementation of a jobs program would go a long way to ending the depression gripping the country.

     Most importantly, it should be obvious to everybody by now that the vaunted private sector is incapable of rescuing the economy.  And Ben Bernanke and most of his colleagues at the Federal Reserve should extend their summer vacation for all the good they are doing.  It might even be time for the chairman to step down.

     The one person who can be effective in this time of trial, is the president of the United States.  Barack Obama, who was elected leader of the country in November 2008, has to step forward and forcefully advocate the implementation of a massive federal jobs program.  He should take Franklin D. Roosevelt as his model, not Bill Clinton.

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