Thursday, October 16, 2008

Allen Buckley on the role of the Federal Reserve

As Libertarians go, you certainly can't characterize Allen Buckley as a financial extremist, but Lucid Idiocy picks up this interesting tidbit:

Back to the economy - something Libertarian candidate for Senate Allen Buckley said at last week's senate debate struck me. He was talking about the government's role in righting the economy and he said it was government that caused the problem, to a certain extent, in the first place.

He said the Federal Reserve's sole role should be responding to crisis, but in recent years it took interest rates to a historic low and created the real estate boom.

"That's not the role of the government, to create prosperity in one period of time and create a recession in another period of time," Buckley said.

An important last point, that.

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