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Irate Americans want Bernanke out

Business Times - 08 Dec 2009


Irate Americans want Bernanke out

With unemployment at 10%, the US is searching for a scapegoat to blame

By LEON HADAR
WASHINGTON CORRESPONDENT

THAT the American economy seems to be in the midst of a very bumpy recovery was made clear last week with reports indicating that while new claims for jobless benefits fell for a fifth straight week, retail sales and activity in the service sector, however, were also down last month.

With unemployment at 10 per cent, job creation continued to be the focus in Washington, and President Barack Obama, who hosted a White House forum on that issue last week, told reporters that he 'was not interested in taking a wait-and-see approach when it comes to creating jobs'.

Unfortunately this has turned the same institution that had been lionised during the economic-boom years - the US Federal Reserve - to being depicted in Washington and around the country as the chief villain for America's economic woes.

Poor, poor…