Some words he wrote in 1966
(commenting on the Great Depression):

“The excess credit the Fed pumped into the economy spilled over into the stock market — triggering a fantastic speculative boom. Belatedly, Federal Reserve officials attempted to sop up the excess reserves and finally succeeded in braking the boom. But it was too little too late: by 1929 the speculative imbalances had become so overwhelming that the attempt precipitated a sharp retrenching and a consequent demoralizing of business confidence. As a result, the American economy collapsed.”

Now, if he understood that then, you think he forgot it ‘now’?

“No one could have predicted … ” ? Randian?

Easy Al wasn’t a fool — he was a tool and achieved the desired results.

Heckuva job, Greenie!

But I keep forgetting that he had bogus public credibility as the universal expert aon macro-everything. And he did push, explicitly or implicitly for Bush II fiscal policies, even if he tries to deny it now.

Guess I asked a dumb question, in some respects.