Dr. Ravi Batra: New Thinking on the Economy
It is hard to see what is new about this thinking. It seems to be how it works. Without the tinkering of the Federal Reserve, the boom and bust cyle would be busted.
It must also be remembered that now Secretary of Treasurer Geitner is in the Obama administration while his prior position was as President of the Federal Reserve Bank of New York during the Bush admininstration. That may not be an excuse for any unwise or erroneous moves, but it does put the cards he was dealing with under the table, as we see know that the government will be holding the cards on the table. This is not just a gratuitous slam or partisanship but the basic difference in the view of government responsibilities. The finacial situation was so serious, that some action was necessary before a complete change in administration could take place.
[11-4-11: Move up link(hold) and update link]
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