The Daily Star, Oneonta, NY - otsego county news, delaware county news, oneonta news, oneonta sports


March 26, 2014

In Your Opinion: Bernanke is no Paul Volcker

A month or so back, The Daily Star featured a piece by Clive Crook, a Bloomberg Associate who equated the actions of Federal Reserve Chairman Ben Bernanke with those of Paul Volcker in 1979 to 1980. Nothing could be further from the truth. 

Mr. Bernanke kept interest rates at 0 percent, printed billions of dollars in counterfeit money and our recession goes on except for Wall Street speculators and friends of the Obama regime. Mr. Volcker, the Fed Chairman appointed by President Carter, raised interest rates, dried up excess credit, halted inflation and caused a 21-month recession. Mr. Volcker’s action made it possible for real growth to return. President Reagan is given much credit and deserves some for not getting in the way.

Two recent Star articles deserve comment also. The renewed old farmer scare ignores the fact that there are thousands of young men working on farms in the U.S., but they speak Spanish. The second concern is the Crimea, which for most of modern history was part of Russia and will be again.

Gerard Bourgeois


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