not quite, lots of private money sits in bank accounts doing nothing.
It;s not doing nothing; it’s collecting interest. But the larger point is that it’s THEIR money, and nobody has the right, in a free society, to criticize their use of it.
Insults starting so soon? so much for civil discourse.
Civil discourse ended with that purile “Somalia” shibboleth. If I had a dollar for every time some idiot has used that one over the last 20 years, I’d be a rich woman. I have no tolerance for it. (It seems kind of obvious, almost embarrassing to say, but “small government” is not a synonym for “no government.”)
he did not follow Friedman to the letter at all. Friedman thought the solution was monetary expansion. Bernanke thought the solution was targeted bailouts, saving the banks and they buying mortgage backed securities, QE1, 2, & 3. He then offset the inflationary moves with deflationary move of paying interest on bank reserves.
In the Economic History of the United States, Friedman made it quite clear that he believed that one of the core causes that turned the 1929 downturn tino the Great Depression was the Fed moving to tighten rather than loosen at the first sign of stress in the banking system, and a failure to liquefy the banks. Bernanke followed the “Friedman Solution” to the letter, moving to loosen and liquefy rather than tighten.