Is the Fed still in control?
The Fed has laid out plans to get the economy back on track, but do they still have the clout to get the job done? Host Bob Moon asks Fortune Magazine's Allan Sloan who the big economic players really are.
Allan Sloan is a senior editor-at-large at Fortune (APM)
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From Winston-Salem, NC, 07/21/2008
Bob Moon is right that Fed power is limited, but he omits one important factor: huge (and continuing) federal budget deficits have effectively eliminated fiscal policy (that is, fine-tuning of the federal budget) from the equation. Only when we return to a balance of both budget policy and monetary policy will we get our economic house in order.
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