Wednesday, October 24, 2007

London Sees It; Why Don't We?

Why is it that we get good sense out of England, but not from here? This Economist article says pretty much what I think and have been saying for months.

1. The Fed's monetary policy was too loose, too long.

2. The Fed's macro models should take asset prices into account.

3. The Fed did a rotten job of policing mortgage broker policy and bank risk-taking, even though they saw this coming.

Frustrating.

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