The Federal Reserve: Love it or Hate it

[Zygote]

[ QUOTE ]
[ QUOTE ]
It might be a little results oriented, but I like the Fed because it has been successful. Since the Depression, there has not been a severe economic downturn (defined by joblessness and GNP) or unmanageable inflation. The economy has functioned particulary well over the last 20 years.

[/ QUOTE ]

Sorry iron this is silly reasoning. The Fed has been around since 1913.

[/ QUOTE ]

their whole empirical reasoning is silly. Unless they want to show why the fed was responsible for American prosperity i don't see what the point is. Correlation does not imply causation. American prosperity would be greater had the fed not intervened and future tax payers and credit community in America are going to pay a large part of the price for current prosperity.

Also they have yet to respond to any criticism against the fed's record or theoretical design rather than continue to tote "look, we have computers today, we didnt have that in 19th century therefore the fed is good and deserves credit for all of it."