Great Minds Think Alike
August 16th, 2007 by Peter SudermanIn today’s Post, George Will gives a short history of the Fed, and then argues that there’s no reason for it to intervene in the current downturn of the sub-prime credit market:
The Federal Reserve’s proper mission is not to produce a particular rate of economic growth or unemployment, or to cure injuries — least of all, self-inflicted ones — to certain sectors of the economy. It is to preserve the currency as a store of value — to contain inflation. The fact that inflation remains a worry is testimony to the fundamental soundness of the economy, in spite of turbulence in a small slice of one sector.
Meanwhile, in IBD, FreedomWorks’ own Dick Armey agrees with Will’s conclusion and explains why, contrary to the shrill calls of doomsayers, the sub-prime market is a good thing for homeowners and the economy.
