Commentary: Fed can't wait for negative growth numbers

09/10/2007 | Wall Street Journal, The

If the Federal Reserve follows past trends of waiting until it sees weak growth numbers before intervening to stop a recession, it will be too late, John H. Makin, a visiting scholar at the American Enterprise Institute, writes in a Wall Street Journal commentary. "Perhaps the price we pay for that kind of collective stupidity is a recession. The Fed is behaving as if it is prepared to accept that outcome to make certain that a risk-be-damned housing/credit bubble won't recur," Makin said.

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