Tuesday, September 16, 2008

Fed does nothing!

In the midst of possibly the worst credit crisis in history, the Fed's Open Market Committee caved in to pressures by two of its most hawkish members: Richard Fisher of the Dallas Fed and Charles Plosser of the Philly Fed. As Warren Mosler would say, "It's a function of price, not quantity." These guys still don't get it. More bank and investment bank failures to come!

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