In response to:

Prophets and Losses

19Kilo Wrote: Feb 05, 2013 3:10 AM
Professing to be wise they became fools... Dr. Sowell, thank you so much for sharing your knowledge and wisdom. I really enjoy your columns and I appreciate the education I have received through reading them.
Now that the federal government is playing an ever larger role in the economy, a look at Washington's track record seems to be long overdue.

The recent release of the Federal Reserve Board's transcripts of its deliberations back in 2007 shows that their economic prophecies were way off. How much faith should we put in their prophecies today -- or the policies based on those prophecies?

Even after the housing market began its collapse in 2006, Federal Reserve Chairman Ben Bernanke said in 2007, "The impact on the broader economy and financial markets of the problems in the subprime market seems likely to...