Markets are smarter than monetarist targets, or GDP-based Phillips Curves. But on this subject Republicans are just as ignorant as Democrats. And, of course, Greenspan loves this. Congressional ignorance breeds Fed bliss. When it comes to monetary policy, members of Congress never earn their keep, and this allows the Fed to continue its eccentric, ad hoc, fine-tuning approach that permits them to gather as much bureaucratic policy making power as they wish.
Money is really the most important economic issue since everyone owns at least some of it.
Yet the public never gets any clear answers because of Washington's collective failure to do its job. No more Lexuses or mufflers will be sold to anyone. By NRO staff. Tim McVeigh and capital punishment. By John O'Sullivan.