Doug Noland

Doug Noland’s Credit Bubble Bulletin: Look Back in Anger

Getting “history right” has been a CBB focal point From Day One. In last week’s media barrage, Dr. Bernanke repeatedly stated that fiscal policy had turned contractionary – (or at best neutral) suggesting that fiscal stringency was a key factor in the Fed sticking with ultra-loose policies. In Friday’s WSJ op-ed, Blinder and Zandi write, “Policy makers who botched the regulatory job before the crisis and shifted to fiscal restraint prematurely in 2011.”

They were wrong.