In a recent interview with Salon, outspoken progressive Rep. Alan Grayson (D-FL) hailed the rise of what he called “stealth socialism” through America’s recent monetary policy decisions.
Asked by interviewer David Dayen whether the financial system has become “safer” in the years since the financial collapse and subsequent government interventions like 2010’s Dodd-Frank bill, Grayson praised the Federal Reserve for its “unconventional” policies that have “put us back on a low-level track toward growth.”
Asked about the Fed’s expanding balance sheet, the Florida Democrat said: “We’ve had a government takeover of the bond market. Stealth socialism’s been created. Government simply ends up owning more and more and more.”
“If government had taken over the steel industry, maybe it would have been more noticeable,” he added. “They’ve taken over the financing of housing industry as well, with a desired result.”
Grayson, a Harvard-educated lawyer and economist, offered praise for these sorts of policies: “The result is now, finally, particularly in areas that were hard-hit, like mine in Central Florida, housing is ticking up again. So the Fed did in essence create an economic baseline that has led to something along the lines of 50,000-100,000 jobs created a month, setting a foundation for recovery for the U.S. economy.”
Read the full interview over at Salon.
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