From Wonkette:
In a Tuesday letter to Bernanke, leaked to the press, Sens. Mitch McConnell (R-KY) and Jon Kyl (R-AZ), and House Speaker John Boehner (R-OH) and Majority Leader Eric Cantor (R-VA), ostentatiously cautioned Bernanke against providing the economy any further monetary stimulus.Ok, not exactly but they seem to have forgotten Friedman's diagnosis of the Great Depression:
Well, we have to distinguish between the recession of 1929, the early stages, and the conversion of that recession into a major catastrophe.
...what converted [this one] into a major depression was bad monetary policy.
And what happened is that [the Federal Reserve] followed policies which led to a decline in the quantity of money by a third.
1 comment:
http://www.ianwelsh.net/the-fed-400-billion-twisting/
Ian says it will have no effect on the economy.
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