A Fake Banking History of the United States

Ask yourself this question: Was the housing price bubble, which has burst, caused by: a) a Fed policy of too much liquidity, which caused artificially low interest rates, which in turn caused a great deal of mal-investment; or b) a Fed policy of too little liquidity which caused high interest rates and a credit-starved economy? If you chose answer “b,” congratulations, you may have a future as a celebrated author, historian, and Wall Street Journal commentator.

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Published in: on October 13, 2008 at 6:14 am  Leave a Comment  

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