Bumpy Landing

Much of the economics profession seems to think thatFed chair Ben Bernanke will be able to pull offa "soft landing" for the U.S. economy. But the landing, no matter how soft it mayfeel to the passengers in first class, will be a bumpy onefor those in the economy seats. In February,Bernanke took the unusual step of callingupon policymakers to put in place "some limits on thedownside risks to individuals" to protect the dynamismessential for economic progress. But his monetarypolicy will likely do just the opposite. |