Interesting contrast.
As Ben Bernanke was defending the Fed's record yesterday, the St. Louis regional bank's president was (implicitly?) criticizing a cornerstone of the central bank's response to the crisis – easier monetary policy.
Bernanke told lawmakers at his Senate confirmation hearing that the financial crisis would have been even worse if the Fed hadn’t taken strong action, including cutting interest rates “
At the same time, James Bullard, president of the St. Louis Fed, was telling a group of Dow Jones editors and reporters that the conventional wisdom on the relationship between monetary policy and high unemployment rates may need revision. He said
David Malpass, Malpass is president of Encima Global LLC,