Spence: Politically Piling on Fed Is 'Not Helpful'

The video discusses the unrealistic expectation of a pain-free capitalism, especially after the economic crisis. It highlights the role of central banks in economic recovery and their overestimation of monetary policy impacts. The discussion references literature on capitalism's darker aspects and critiques the Federal Reserve's current challenges and public criticism. The importance of maintaining the Fed's independence is emphasized.

What was the initial response to the economic crisis in the first two years?

What does the speaker suggest about the central banks' understanding of monetary policy instruments?

How does the speaker view the relationship between the Federal Reserve and the current economic situation?

What concerns does the speaker raise about the credibility of the Federal Reserve?

What is the speaker's opinion on the criticism of the Federal Reserve System?