Quote of the Day

“In modern teaching an “A” is the grade you get when you have done nothing wrong. So I give the Fed an A for predicting the crisis, because they did nothing wrong there, and a D for adopting a monetary policy far too contractionary for the needs of the economy in September and October 2008, when things obviously starting getting much worse. I’d be happy if they simply did their job by keeping expected NGDP growing on a 5% track, I don’t expect them to be some sort of Nostradamus.”

— Scott Sumner