“Plenty of conservatives have criticized Fannie, Freddie and the CRA in the attempt to push back against the Newer Deals and Greater Societies liberals advocate in the name of economic stimulus. Mr. Woods goes much further, blaming not just affirmative-action-loving bureaucrats, lax lenders and boneheaded borrowers: The real villain in “Meltdown” is the Federal Reserve."
"Nobody wants to hear this, of course. So policymakers immediately return, once more with feeling, to their spending, borrowing and credit creation in a desperate attempt to re-create the boom or at least forestall the bust. Mr. Woods is persuasive that doing so only guarantees a worse day of reckoning down the road, like having a 15th glass of whiskey rather than calling it a night.“
at :
Thanks for the link. Saving to read later.