In response to:

Prophets and Losses

Jeff2422 Wrote: Feb 05, 2013 9:17 AM
The key problem to Wilson's statement is the idea that there is such an animal as a "disinterested" bureaucrat. As Milton Friedman once asked Phil Donahue during an interview where Donahue argred the same thing as Wilson, "who are these pargons of virtue, where do they exist?" They don't. For the most part, the Fed has tried to satisfy its government masters (with the exception of Voulker under Carter) and have always been behind the curve because to speak the truth would expose the government masters as monatary and fiscal idiots. Another good article by Dr. Sowell.
egalle Wrote: Feb 05, 2013 10:23 AM
Another good point Dr. Sowell makes in Intellectuals & Society, Intellectuals are never accountable for their ideas. As long as the voters think they are voting in people who seem to KNOW more than the average person then there will never be accountability.
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...