Fed criticism depends on definition of “inflationary” and “terms”

PolitiFact might be too harsh here, given that economists can’t seem to agree on the definition of “inflationary.” Seems a bit like architects who can’t agree on the definition of “load-bearing,” but fortunately, economists can only wreck our economy, not our buildings.

But it reminds me of my message board-moderating days, when our readers were speculating in late 2000 on Bush’s appointments in the next few weeks. They included a new Federal Reserve chairman. They were a little surprised to learn that the Federal Reserve terms of office do not coincide with presidencies and that the incumbent, Alan Greenspan, was a Reagan appointee who had stuck around through the Clinton years.

Is it harsh to think that Gingrich assumes voters will make similar mistakes, thinking Bernanke isn’t a Bush-appointed Republican but an Obama-ite? (Obama did, to be clear, re-appoint him.) And I wonder how many voters realize the new president won’t be able to do anything about Bernanke until 2014.

PolitiFact Georgia | Gingrich: Bernankes policies inflationary to extreme levels.

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