Ex-Bush Economist: Blame The Fed.......

Part of the problem in making sense of the Crash of 2008, and all this economic turmoil, is figuring out what really happened. What caused this? What went wrong? And the really big one: Who's to blame? John Taylor, a professor of economics at Stanford University and a senior fellow at Stanford's Hoover Institution, answers that question in a new book published this week called Getting Off Track: How government actions and interventions caused, prolonged, and worsened the financial crisis. As you might guess from the title, Taylor concludes that blame lies primarily with the Federal Reserve's unreasonably low interest rates for much of the last decade. He also points an accusatory finger at "the failure to rein in Fannie and Freddie" (meaning Rep. Barney Frank and other Democratic congressional enablers) and "the lack of clarity in the operation" of last fall's financial bailout plan (meaning the Bush administration, plus congressional leaders who drafted the legislation).... Link