“New Stimulus Plan Without Congressional Approval”
7th November 2010
Balkin characterizes the Federal Reserve as an example what Sandy Levinson and he “call distributed dictatorship. Bernanke and the Fed do not control every part of American policy. They cannot order troops to go to war, for example. But in their specific area of expertise and authority–the use of the Fed’s resources for economic policy–he and the Fed are effectively accountable to no one. And that is why Bernanke did what Obama and Congress could not do–ordered a second 600 billion dollar stimulus package for banks and other bondholders….”