Booms and Busts

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Robert P. Murphy

What makes the current economy so awful is not that there is unemployment, or that there are unsold houses. Rather, things are bleak because it is so unusually difficult for workers to find buyers of their labor services, and for home owners to find buyers of their houses.

David Stockman
The triumph of crony capitalism occurred on October 3rd, 2008. The event was the enactment of TARP — the single greatest economic-policy abomination since the 1930s, or perhaps ever. It was justified as a last-resort exercise in breaking the rules to save the system.
Robert P. Murphy

Can the Fed gracefully exit from the huge hole it has dug for itself? Unfortunately my answer is no.