October 2, 2011
You probably missed any media coverage of the September 26 speech by Federal Reserve Board of Governors member Sarah Raskin. The media ignored it. You would be wise not to ignore it.
There were a few brief news reports about it. There was no detailed analysis. The media usually ignore speeches by any FED Board member other than Bernanke.
Raskin’s speech reveals what is slowly dawning on the public. The economy is getting worse, and the FED is powerless to stop it.
Her speech was an attempt to reassure her listeners that the FED really does know what it’s doing, contrary to the evidence. The Federal Reserve has spent 45 months trying to deal with the sagging U.S. economy. Nothing is working. It looks as though nothing will work. But she wants us to believe that it’s not the FED’s fault. She did not say whose fault it is.
I have offered a line-by-line analysis of her speech. If you have money in a retirement fund, you would be wise to read it. I have posted it here.
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