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May 12, 2005

Extra! Federal Reserve a Bunch of "Soviet-Style Bureaucrats"

Mark Thoma reads National Review so that the rest of us don't have to. It's a dirty job. He's a brave man to dare to do it:

Economist's View: Kudlow: Fed a Bunch of "Soviet-Style Bureaucrats": Larry Kudlow is unhappy with the Fed's interest rate increases. Therefore the Fed is full of "Soviet-style bureaucrats" trying to manipulate the economy. What he's really unhappy about is not the manipulation per se, but that they aren't manipulating things according to his desires. I always knew Greenspan, Bernanke, and company were a bunch of pinko communists:

The Economy in the Fed's Hands? Our money-meddlers in Washington are up to their old tricks, Larry Kudlow, NRO: Does anyone really know what Alan Greenspan is up to? %u2026 Is there a theory behind this money-tightening policy that can justify the threat it poses to future economic growth?.... Take, for example, the latest monetary data from the Federal Reserve Bank of St. Louis. The data show a marked slowdown in key money-supply measures.... Instead of targeting inflation-sensitive, forward-looking market-price indicators... Keynesian fine-tuners at the Fed are up to their old tricks.... Vladimir Putin%'s remaining Soviet-style bureaucrats have nothing on our money-meddlers in Washington.

Darn communists at the Fed

Posted by DeLong at May 12, 2005 01:17 PM