Sunday, January 15, 2012

Economics and Clairvoyance

John Cochrane has an interesting post in which he concludes:
This story is embarrassing, yes. But it's most embarrassing for the Times and other believers in the idea of clairvoyant, all-powerful discretionary regulators. It's not at all embarrassing if you think Fed officials are as human as the rest of us -- and that safety comes from better rules of the game, not finding just the right soothsayer to run the show.
The rest of the post is worth reading too.

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