BERNANKE PREFERS BOND TRADERS OVER WORKERS

(h/t Atrios)

That's the clear implication of his remarks to Brad DeLong and it's simply unacceptable when the unemployment rate is 10%. The relation between unemployment and inflation is not linear but the Phillips Curve shows that we can decrease unemployment by allowing a little more inflation than the Fed has been willing to tolerate.

I think we should thank Bernanke for his handling of the Great Recession but it's time to send a strong message that the workers of America can't afford business as usual by getting a new Fed Chairman.