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Former Fed Governor Wayne Angell rates the effectiveness of the actions taken by the Federal Reserve.
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Angel telling it like it is he of course is a former fed reserve governor Wayne the Ben Bernanke -- grade -- over the past quantitative easing is one and two.
Including the twist -- do you think that these things have worked and if so how.
One -- they haven't worked and and the trouble as he doesn't seem to understand what's going on.
I chair of the GT and committee on payment system brisk.
Also chaired that Federal -- committee or patent system brisk so up until this all before.
What we've -- -- we raised -- target Fed Funds rate.
I think that -- revert raised a payment to 25 basis points at that point in time administration -- -- Got that was not -- gave a problem.
But as -- -- Prowl.
And opposed Greenspan air out.
That is as Greek spread walked -- The housing market into our great decrying.
Then the Fed Funds rate -- and that 45 basis points they came -- prohibitive hurdle.
To get banks to land and it just seems very straightforward to me thank you don't have to do what Mervyn King at the brighter may have -- to attempt to take.
That 185 -- -- -- wait and see what happens.
Mr.
king is ahead of the bank giving a -- and by the way if in fact he's so wrong that I'm from your perspective in terms of what he's doing.
Why is there usually only one dissenter Jeff wacker dissented today.
He is the sole dissenter is usually is of these Fred meetings thinking that we shouldn't be -- -- we are.
Why is it that they're subtle little dissension.
Well.
Very -- on this -- because I'm not sure that the people understand -- -- front.
They don't seem to understand.
That paying a break 25 basis point.
For doing nothing -- and not taking any risk that that tends -- Barbara to lock up products.
And so we've got to get those bonds are mocked yeah I mean why is -- the we -- -- all this quantitative easing.
And yet nothing happens well it's right there and that -- vibrations porridge.
Three -- for taking zero risk for years after the financial implosion the banks still get the best deal.
Wayne thank millionaire -- -- thanks a million Angell former Federal Reserve governor we'll see you next time.
That I stand with -- -- some breaking.
