Thursday, September 22, 2011

DAMN! THE BAGGERS IN THE GOP THINK MILTON FRIEDMAN WAS A COMMIE


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:

Ken Hoop said...

http://www.ianwelsh.net/the-fed-400-billion-twisting/


Ian says it will have no effect on the economy.