The FED printed money to ease credit because of the high unemployment. That's what they are supposed to do by law.
It's Congress that borrowed money to the hilt and overspent. Not the FED. In fact the FED owned very few treasury bills prior to the banking crisis in 2008. Yet Congress had still managed to rack up massive debt.
It's the President/Congress that approved lowering the trade tariffs which has resulted in offshoring our industries and putting 100 million Americans on food stamps. Not the FED.
The FED did make one mistake that led to the banking crisis. They lowered the bank reserve rate so that there was no room in the system to respond to a liquidity crisis. That's why they had to go to Congress for emergency approval to extend more credit to the banks. But it was the President/Congress that had opened the country to competition from international banks that didn't have to play by our rules. And it was Congress that repealed Glass-Steagall and allowed the banks to get more risky. And it was Congress that refused to give the FDIC authority to regulate the credit default swaps.
It's not the FED, it's congress.
RE: The FED printed money to ease credit because of the high unemployment. That’s what they are supposed to do by law
They should change the FED mandate to only ONE — Stable Money.
Unemployment should be fiscal, tax and other policy issues, which should be the purview of Congress and the Executive branch.