PRESTOPUNDIT -- "An intense brain-buzz, guaranteed" (2blowhards)

REMEMBER how Greenspan and the Fed hyped record low interest rates with phony worries about the "deflation" bogey-man? Well, the Fed has done its job, turning the interest rate dial to "inflate" -- giving us a 9.77% rise in prices in four years. And this in a period when prices rightly should have dropped dramatically due to record gains in productivity (i.e. more goods at lower cost). So real inflation was much higher than 9.77% in the last four years. Way to go, Alan.

More on the health of the U.S. economy during the Bush years here -- if the news catches you by surprise, you've listened much too credulously to the political spin of Dan Ra^ther, John Kerry, and the New York Times over the past few years. Posted by Greg Ransom | TrackBack