The Debts of the Spenders: Bernanke and Paulson's Legacy of Incompetence

Since August 2007, Paulson and Bernanke have responded aggressively by unleashing monetary policy, cutting interest rates and injecting massive liquidity into capital markets, only to exacerbate food and energy price inflation, undermine financial institutions, and cripple economic growth. In their testimonies before the US Senate banking Committee and the US Congress in February 2008, they reassured lawmakers that the financial system was fully capitalized and interest rate cuts had favorably worked their way through the economy. Combined with a $170 billion stimulus package, this encouraged President George W Bush to anticipate strong recovery of the US economy in the second half of 2008.

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