| Peter Boettke |
In the comment section of Mario Rizzo's excellent blog post on the policy of reinflating the bubble, Jerry O'Driscoll explains what is going on:
I think it is both economics and politics. Anna Schwartz remarked that Ben Bernanke studied the Great Depression, but learned the wrong lesson. He is obsesssed with debt deflation, and I doubt he worries about microeconomics and resource allocation. On the political side, he is deferential to the Executive branch. The result is politicized monetary policy.
Also check out the interview that Charles Steele posted in the comments section.
Posted by: Mario Rizzo | September 26, 2009 at 01:23 PM
I thought the Fed was independent...?
Posted by: Bob Murphy | September 27, 2009 at 08:40 PM
Do you think that it has anything to do with Ron Paul's campaign to audit the Fed?
Posted by: Jonathan Finegold Catalán | September 27, 2009 at 08:47 PM