Fed Putting Out Fires but May Be Causing a Flood

Summary

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Some say the world will end in fire, Some say in ice... -- Robert Frost

WASHINGTON -- And some say it will end because of subprime mortgages. But for those who cultivate fears of catastrophes as excuses for expanding government supervision of other people's lives, the bad news is that the world is not going to end -- not from global warming or economic cooling or anything else. Today's untethered Federal Reserve will, however, make the muddle-through interesting.

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Fed Putting Out Fires but May Be Causing a Flood

The late Sen. William Proxmire, a populist Democrat who represented Wisconsin for 32 years, wanted all members of Congress to write on their bathroom mirrors, so it is the first thing they read each day, this: ...

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