While the pun about President-elect Trump nominating former Rep. Tom Price (R-Ga.) to lead the Department of Health and Human Services is so obvious you just have to make it (indeed both Forbes and The Hill did a couple months ago), the sentiment is perfectly apt.
To fulfill its three-fold mandate – maximize employment, stabilize prices and moderate long-term interest rates – the Federal Reserve has deployed almost every weapon in its arsenal to target economic growth since the financial markets cratered in 2008. Regrettably, with the economy crawling along at a meager 1.2 percent growth rate, we must conclude that these weapons are not hitting their targets (or at least nowhere near the bull’s eye). So it’s time for the Fed to take the one step it hasn’t: Give the banks back their money.
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