by Bill McBride on 10/05/2015 08:16:00 PM
Monday, October 05, 2015
• At 8:30 AM ET, Trade Balance report for August from the Census Bureau. The consensus is for the U.S. trade deficit to be at $48.6 billion in August from $41.9 billion in July.
From Binyamin Appelbaum at the NY Times: Ben Bernanke, in Book, Blames Congress for Lagging Fiscal Recovery
Congress is largely responsible for the incomplete recovery from the 2008 financial crisis, Ben S. Bernanke, the former Federal Reserve chairman, says in a memoir published on Monday.I agree.
Mr. Bernanke, who left the Fed in January 2014 after eight years as chairman, writes that the Fed’s response to the crisis was bold and effective but insufficient.
“I often said that monetary policy was not a panacea — we needed Congress to do its part,” he says. “After the crisis calmed, that help was not forthcoming.”