In response to:

Prophets and Losses

Grant75 Wrote: Feb 05, 2013 12:21 PM
Why was Ron Paul a voice in the wilderness? Why no bipartisan consensus to audit the Fed – or is it that our politicians prefer to not know?
Vic156 Wrote: Feb 05, 2013 10:58 PM
Because on everything else he is a fringe kook freak.
Paulus Textor Wrote: Feb 05, 2013 12:54 PM
Your excellent rhetorical question answers itself.
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...