Tuesday, April 07, 2009

Fed up with the FED (Federal Reserve)

The one villain that has escaped public outrage over the financial crisis is the Federal Reserve.

"The very people who devised the policies that produced the mess are now posing as the wise public servants who will show us the way out," writes Thomas Woods in "Meltdown."

"The Fed was the greatest single contributor to the crisis that unfolds before us," Woods writes, and "more dollars were created between 2000 and 2007 than in the rest of the republic's history."

Already in its sixth week on the New York Times best-seller list, this eminently readable book traces the Fed's role in every financial crisis since this creature was spawned on Jekyll Island in 1913.

Obama is repeating the failed policies of Hoover and FDR, by refusing to let prices fall. Obama, with his intervention to prop up housing prices and Bernanke with his gushers of money to bail out bankrupt banks and businesses are creating a new bubble that will burst even more spectacularly.

[Patrick J. Buchanan, writing in Human Events]

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