lynnf
07-10-2009, 07:42 AM
bye, Obama!
http://dealbook.blogs.nytimes.com/2009/07/10/two-authorities-on-fed-warn-against-expanding-role/?scp=1&sq=fed%20meltzer&st=cse
In what is shaping up as a political battle over a crucial part of President Obama’s plan to overhaul financial regulation, the economists told a House panel that the Fed had consistently failed to recognize financial catastrophes until they were well under way.
“I do not know of any single clear example in which the Federal Reserve acted in advance to head off a crisis or a series of banking or financial failures,” said Allan H. Meltzer, professor of political economy at Carnegie Mellon University and the author of a history of the Fed.
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lynn
http://dealbook.blogs.nytimes.com/2009/07/10/two-authorities-on-fed-warn-against-expanding-role/?scp=1&sq=fed%20meltzer&st=cse
In what is shaping up as a political battle over a crucial part of President Obama’s plan to overhaul financial regulation, the economists told a House panel that the Fed had consistently failed to recognize financial catastrophes until they were well under way.
“I do not know of any single clear example in which the Federal Reserve acted in advance to head off a crisis or a series of banking or financial failures,” said Allan H. Meltzer, professor of political economy at Carnegie Mellon University and the author of a history of the Fed.
...
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lynn