Thoughts, essays, and writings on Liberty. Written by the heirs of Patrick Henry.

March 26, 2009

Quote Of The Day

by Brad Warbiany

So we’re supposed to trust the people who didn’t see it coming to make sure they stop their intervention before they’ve over-intervened?

Fed Pres Lockhart in a speech a few hours ago in Paris is summing up well what is the growing angst in the markets that the Fed is sowing the seeds for big inflation with their aggressive steps by saying, “there’s reasonable concern related to the growth of the balance sheet of the central bank in response to the economic difficulties we’re having, that this could over the long term fuel inflation if the monetary aggregates are not managed well and if the Fed doesn’t react at the right time to remove some of the stimulus.” We are thus relying on a Fed that thought subprime was contained at a loss of maybe $150b in 2007 to somehow reverse their massively aggressive initiatives at the exact right time.

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