The Federal Reserve chairman responds to a question about Occupy Wall Street, saying he understands frustration with the economy. "I am dissatisfied with the state of the economy," Bernanke said. "Unemployment is too high."
Some of the criticism has come from the left, including the widening Occupy Wall Street protest movement, which faults the Fed for bailing out bankers who made the risky bets that led to the collapse. Those critics, Bernanke said, don’t fully understand the reasons for the Fed’s massive intervention following the financial meltdown.
"A very simplistic interpretation of that was because we wanted to preserve bankers' salaries,” he said. “That obviously wasn't the case. What we were doing was trying to protect the financial system in order to prevent a serious collapse of both the financial system and the American economy."
No comments:
Post a Comment