Book says Fed “challenged essence of democracy”


A new book on the Federal Reserve's response to the crisis has said that the central bank's actions challenged not only the ideology of capitalism but also the essence of democracy.

David Wessel, a journalist for the Wall Street Journal who has spent more than 20 years covering the central bank and the author of In Fed We Trust, said: "The president of the United States can respond instantly to financial panic with real bullets; he cannot respond instantly to financial panic without the approval

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