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The Fed overestimated the robustness of the economy, underestimated the level of addiction of the markets to cheap money, and it was way too quick to proclaim a “full recovery” from the crisis.
It's true that JFK would feel at home in the modern GOP. But that's because the GOP has stopped even pretending to want significant cuts to government spending.
The new issue of the Quarterly Journal of Austrian Economics is now available online.