Louis Woodhill: This Is Still A Depression, QE3 Was Actually Contractionary (Santelli Exchange Video)

Louis Woodhill, a Forbes contributor, was featured on The Santelli Exchange today. Here were his views on monetary policy and the U.S. economy.
Well, from an employment and income point of view, this is still a depression. With luck, it will have taken 7 years to get back to the employment level we had in November 2007. And real family incomes are about 6% lower than they were 14 years ago.
The Federal Reserve doesn't seem to realize that their interest on reserve policy completely nullifies the stimulus of quantitative easing. Quantitative easing was actually contractionary, at least QE3 was.

Recommended posts powered by Google