Quote Of The Day

“I’d like to stress again that I remain worried about the rule of law in all these events.  First, the referee is on the playing field.  Second, while Dodd and others are on board, basically we have the executive branch of our government — the Treasury — operating without formal checks and balances.  (Does that sound familiar?  Would this administration do that?)  That’s why it is all being done through the Fed.  Fortunately the Fed is also a competent technocracy (as is the current Treasury) but the broader implications here are very worrying, both for governance and for the future of the Fed itself.” —Tyler Cowen

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