Bernanke: "I grasp the mantle of Milton Friedman,”
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jdang307subscriberOPSure buddy ...
That ancestor would be Milton Friedman, the economist and Nobel laureate who died in 2006. Mr. Friedman argued that the Fed could have prevented the Depression, and he rejected the Keynesian doctrine of using government spending to stimulate demand. But he was also wary of the Fed and called for limiting the growth of the supply of money to avoid high inflation — an idea known as monetarism.
In an essay in The Wall Street Journal on Thursday, Allan H. Meltzer, an economist at Carnegie Mellon University and the pre-eminent historian of the Fed, said that the Fed was stoking inflation to stimulate the economy, and that Mr. Friedman would never have supported such an effort.
That drew an emotional retort from Ben S. Bernanke, the Fed chairman and a scholar of the Depression.
“I grasp the mantle of Milton Friedman,” Mr. Bernanke told his colleagues on Saturday. “I think we are doing everything Milton Friedman would have us do.”
Meanwhile Krugman is making love to his mantle of Keynes ...
BigDogsHuntNew MemberI dont think he understands what "mantle" means, or "grasp" means....or both!
BDH -
"To me, there are three things we all should do every day of our lives. Number one is laugh. You should laugh every day. Number two is think. You should spend some time in thought. And Number three is, you should have your emotions moved to tears, could be happiness or joy.
"If you laugh, you think, and you cry, that's a full day. That's a heck of a day. You do that seven days a week, you're going to have something special."
Jimmy V. (Mar '93)
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