, Columnist
Did the Fed Make a Fourteen-Year-Long Mistake?
Quantitative easing may not have been worth all the trouble it caused.
Federal Reserve Chair Jay Powell and former Chairs Janet Yellen and Ben Bernanke, all known purveyors of QE.
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Almost exactly 14 years ago, on Nov. 25, 2008, the Fed announced it was going to buy $600 billion in mortgage-related debt to help keep the housing market from wrecking the financial system. Thus the American version of Japan’s “quantitative easing” began.