By allowing its monetary policy to be influenced by elected politicians and market speculators, the Federal Reserve is putting its independence at risk. It is also neglecting basic economics, which was a great strength of its current chairman, Ben Bernanke.
In an American Express ad promoting Small Business Saturday, a man in a cowboy hat declares: "Small businesses are the lifeblood of our community." A woman sitting in a clothing store declares such enterprises "absolutely crucial, vital." Over a montage of shops, a young woman explains how local shops "make you happy to live where you live."