Posted by PrestoPundit on 09/26/2008

brought on in no small measure by the Federal Reserve — so says Dallas Federal Reserve Bank President Richard Fisher:

“The seizures and convulsions we have experienced in the debt and equity markets have been the consequences of a sustained orgy of excess and reckless behavior, not a too-tight monetary policy .. Rates held too low, too long during the previous Fed regime were an accomplice to that reckless behavior.”

It sounds like someone has been reading his Friedrich Hayek, and would do well reading a good measure more.


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