The Fed Has Been Winging It for Eight Years; It’s Time for Congress to Step Up

by Pam Martens and Russ Martens
Wall Street on Parade

Since the Wall Street crash in 2008 crippled the U.S. economy, Congress has played the role of a spectator at a big league baseball game – munching on popcorn and licking its greasy fingers soiled with corporate campaign loot – as the real players on the field, the Federal Reserve, controlled the action.

The above chart shows the steady erosion of Capacity Utilization in the U.S. since Congress surrendered its job to the deeply conflicted Fed. The chart comes courtesy of the Federal Reserve Bank of St. Louis, which defines Total Industry Capacity Utilization this way:

“the percentage of resources used by corporations and factories to produce goods in manufacturing, mining, and electric and gas utilities for all facilities located in the United States (excluding those in U.S. territories).”

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