Minneapolis Fed President Narayana Kocherlakota defends the Fed from charges it caused the...

|By:, SA News Editor

Minneapolis Fed President Narayana Kocherlakota defends the Fed from charges it caused the housing bubble and says GDP would have fallen even more and unemployment would have been well above 10% if the Fed hadn't increased the monetary base. The U.S. economy probably will grow “slightly more rapidly” in 2011 than last year, he adds.