Sunday, September 27, 2009

The answer is "underwhelming"

The question is, "how well did the Fed perform for America?" As a watchdog, the Fed did squat as the subprime bubble inflated and then burst. In fact, Calculated Risk offers a line from an old Sherlock Holmes story that aptly sums it up:
"Is there any point to which you would wish to draw my attention?"
"To the curious incident of the dog in the night-time."
"The dog did nothing in the night-time."
"That was the curious incident," remarked Sherlock Holmes.
While the dog did nothing, the looters made off like bandits, and we'll be paying for ages to come. Then again, that was part of the plan, right?

No comments:

Post a Comment