Saturday, September 02, 2006

Real Estate Bubbles Not the Fed's Fault (Says the Fed)

How's that for conflict of interest? In an article published at the Chicago Fed's latest Economic Perspectives page, the Fed denies all responsibility in the creation of our real estate quandary. They buttress their defense by a barrage of econometrics that will make your head spin.

Henry VIII
The New Fed Chairman? [Thanks to wga.hu for the image.]

Personally, I think their argument makes about as much sense as Henry VIII's declaring his marriages annulled (with the help of a few bishops on the dole.) I admit that the Fed hasn't chopped any heads -- so far -- but I fear for the life of Fisher and Quayyum, authors of the article, if the truth about the Fed's monetary excesses ever gets out.

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