Bradley in DC
06-30-2007, 10:47 PM
Support from the left for Ron Paul on the Fed (http://hnn.us/blogs/entries/40431.html)
Leftist Mike Whitney has written an interesting article here on the Fed's role in the Bear Stearns meltdown. He concludes his essay by quoting Ron Paul who "summed it up best when he said":
"From the Great Depression, to the stagflation of the seventies, to the burst of the dot.com bubble; every economic downturn suffered by the country over the last 80 years can be traced to Federal Reserve policy. The Fed has followed a consistent policy of flooding the economy with easy money, leading to a misallocation of resources and artificial 'boom' followed by recession or depression when the Fed-created bubble bursts."
It's too bad self-indentified free market economists have no understanding of what's happening. Perhaps they should read Counterpunch and learn something.
Leftist Mike Whitney has written an interesting article here on the Fed's role in the Bear Stearns meltdown. He concludes his essay by quoting Ron Paul who "summed it up best when he said":
"From the Great Depression, to the stagflation of the seventies, to the burst of the dot.com bubble; every economic downturn suffered by the country over the last 80 years can be traced to Federal Reserve policy. The Fed has followed a consistent policy of flooding the economy with easy money, leading to a misallocation of resources and artificial 'boom' followed by recession or depression when the Fed-created bubble bursts."
It's too bad self-indentified free market economists have no understanding of what's happening. Perhaps they should read Counterpunch and learn something.