Jack Bogle, founder of the Vanguard Group and famed long-term investor, said Thursday on "Squawk on the Street" that over the long run, the Federal Reserve's strategy of loose long-term monetary policy will not accomplish its goals.
"There is a tremendous amount of uncertainty out there," Bogle said. "The uncertainty is somewhat higher because the Fed is in control. They are trying to do something, I think in the long run simply will not work."
"You need both monetary policy and fiscal policy," he said. "At some point our politicians have to stand up to the plate" and make the necessary spending cuts as well as increase taxes.