For example, last week Richard Fisher, president of the Federal Reserve Bank of Dallas, argued that the Fed bears no responsibility for the economy’s weakness, which he attributed to business uncertainty about future regulations — a view that’s popular in conservative circles, but completely at odds with all the actual evidence. In effect, he responded to the Fed’s failure to achieve one of its two main goals by taking down the goalpost.
He then moved the other goalpost, defining the Fed’s aim not as roughly 2 percent inflation, but rather as that of “keeping inflation extremely low and stable.”
Monday, August 02, 2010
The gelling conservative view is that the recession happened because in 2007 businesses started worrying that future President Barack Hussein Marx Stalin Obama would implement economy destroying regulations so they all went Galt to destroy the economy. Or something. Krgthulu:
by Atrios at 07:55