Monday, July 27, 2009

Like being the film critic who gives bad movies good reviews

Deans Slaughter and Hansen, and Professors French, Bernard and La Porta have signed the petition to re-establish the Fed's independence.

I sympathize with the sentiment. I'm certain that don't want Nancy Pelosi making monetary policy, but I think I fall closer in line with Allan Meltzer on the subject when I say "what independence"? The Fed has had a long history of being politicized.

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