![]() but it's true that people in the middle are not getting the full benefit of that and that's a long term trend we've seen in this country for quite a while. "The overall economy has been growing and has been recovering. ![]() On the role of the Federal Reserve to help the middle class The main risk we face is that we're part of a global economy which is not doing quite so well, and it's a little bit of a race between the strength here at home and the drag from outside the borders." There's a lot to be happy about in terms of the forward momentum of the U.S. We've got households in good financial shape, jobs are being created, the housing sector is doing pretty well. "I think the domestic economy is pretty solid. There is a lot of political backlash, still, some of it I think is just ideological, but again the reason you have an independent central bank is so it will take the right actions and leave the politics to later." We decided we were just going to do the right thing. We were sort of caught between a rock and a hard place because either we did these things that were need to stabilize the system, which were as I said very unpopular, or we let things collapse, in which case obviously the Fed would be blamed for that as well. ![]() "To some extent, the Fed was created to be innovative and to take actions that the Congress politically or for other reasons wouldn't want to take. "The financial system is kind of like the nervous system of the economy - if it shuts down, everything shuts down." On his work to stabilize the economy during the 2008 financial crisis financial crisis.īen Bernanke oversaw the implementation of that plan and other major decisions as chairman of the Federal Reserve from 2006 to 2014. He speaks with Here & Now's Jeremy Hobson about how he sees the current state of the economy, its greatest challenges and what he expects in the year ahead. One week ago, Federal Reserve chair Janet Yellen announced the long-awaited short-term interest rate hike. It was the first time in seven years that rates were raised above the near-zero benchmark - a benchmark put in place as part of the Fed's plan to counteract the U.S. Facebook Email Former Fed Chairman Ben Bernanke (C) participates in a panel discussion at the Brookings Institution March 2 in Washington, DC.
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