Brad Delong [ http://is.gd/KCvj4C ] is upset by the illogic of John Taylor and Phil Gramm’s attack on the Fed. [ http://is.gd/WnaGlH ] Indeed: it boggles the mind that they believe that a downside of expansionary policy now is that it will require contractionary policy once the economy has recovered. Um, isn’t that exactly what you want monetary policy to do — boost the economy when it’s weak, take away the punchbowl when the party gets going?
But what really boggles my mind is the Romney campaign’s evident belief that it gains credibility by rolling out Phil “Mental Recession” [ http://is.gd/4RHFTA ] Gramm as a spokesman. Gramm is best known these days for dismissing the risks to the economy when a recession was already underway and a catastrophic crisis was just around the corner, meanwhile denouncing us as a “nation of whiners”. And the Romney people think that putting him out in front makes them more persuasive?
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