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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: Tommaso who wrote (89848)12/25/2007 2:07:10 PM
From: Mike Johnston  Read Replies (3) of 110194
 
"The Fed is now coming under heat for not having prevented the subprime crisis, for not fully anticipating it once it was inevitable, and for not responding more vigorously now that it has occurred"

N. Gregory Mankiw is a professor of economics at Harvard. He was an adviser to President Bush and is advising Mitt Romney, the former governor of Massachusetts, in the campaign for the Republican presidential nomination.

This "professor" somehow forgot that it was the Fed that created the "subprime crisis", by inducing a huge inflation in housing prices. The only way the Fed could have prevented the "subprime crisis" was to have interest rates at 6% instead of 1%.

It seems that the real crisis is a crisis in higher education.
Economic ignorance is breathtaking.
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