{"id":256,"date":"2009-05-07T22:56:26","date_gmt":"2009-05-08T02:56:26","guid":{"rendered":"http:\/\/entropyeconomics.com\/?p=256"},"modified":"2009-05-07T22:57:07","modified_gmt":"2009-05-08T02:57:07","slug":"extraordinary-admission-better-policy","status":"publish","type":"post","link":"https:\/\/entropyeconomics.com\/index.php\/2009\/05\/extraordinary-admission-better-policy\/","title":{"rendered":"Extraordinary admission. Better policy?"},"content":{"rendered":"<p><a href=\"http:\/\/www.charlierose.com\/view\/interview\/10278\" target=\"_blank\">Last night on Charlie Rose<\/a>, Treasury Secretary Tim Geithner made an extraordinary admission. Here&#8217;s the exchange:<\/p>\n<blockquote><p>Rose: \u201cLooking back, what are the mistakes, and what should you have done more of? Where were your instincts right but you didn\u2019t go far enough?\u201d<\/p>\n<p class=\"MsoNormal\">Geithner: \u201cThere were three broad types of errors in policy.\u00a0One was that monetary policy here and around the world was too loose for too long.\u00a0\u00a0And, that created just this huge boom in asset prices; money chasing risk; people trying to get a higher return; that was just overwhelmingly powerful.\u201d\u00a0<\/p>\n<p class=\"MsoNormal\">Rose: \u201cMoney was too easy.\u201d<\/p>\n<p class=\"MsoNormal\">Geithner: \u201cMoney was too easy, yeah . . . . Real interest rates were very low for a long period of time . . . .&#8221;<\/p>\n<\/blockquote>\n<p class=\"MsoNormal\">There you have it. Pretty simple. And yet it is the first time I can recall that any U.S. executive branch official, spanning the Bush and Obama Administrations, has admitted monetary policy was\u00a0<em><strong>even one\u00a0factor<\/strong><\/em>,\u00a0<span style=\"font-style: normal;\">l<\/span><span style=\"font-style: normal;\">et alone<\/span>\u00a0<strong><em>the central factor<\/em><\/strong>, leading to the crash. This is very big stuff. <a href=\"http:\/\/www.bretswanson.com\/index.php\/2009\/05\/extraordinary-admission\/\" target=\"_blank\">Read the rest of this entry \u00bb<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Last night on Charlie Rose, Treasury Secretary Tim Geithner made an extraordinary admission. Here&#8217;s the exchange: Rose: \u201cLooking back, what are the mistakes, and what should you have done more of? Where were your instincts right but you didn\u2019t go far enough?\u201d Geithner: \u201cThere were three broad types of errors in policy.\u00a0One was that monetary policy here and around the &#8230; <\/p>\n<div><a href=\"https:\/\/entropyeconomics.com\/index.php\/2009\/05\/extraordinary-admission-better-policy\/\" class=\"more-link\">Read More<\/a><\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-256","post","type-post","status-publish","format-standard","hentry","category-tech-note","no-post-thumbnail"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/entropyeconomics.com\/index.php\/wp-json\/wp\/v2\/posts\/256","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/entropyeconomics.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/entropyeconomics.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/entropyeconomics.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/entropyeconomics.com\/index.php\/wp-json\/wp\/v2\/comments?post=256"}],"version-history":[{"count":3,"href":"https:\/\/entropyeconomics.com\/index.php\/wp-json\/wp\/v2\/posts\/256\/revisions"}],"predecessor-version":[{"id":259,"href":"https:\/\/entropyeconomics.com\/index.php\/wp-json\/wp\/v2\/posts\/256\/revisions\/259"}],"wp:attachment":[{"href":"https:\/\/entropyeconomics.com\/index.php\/wp-json\/wp\/v2\/media?parent=256"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/entropyeconomics.com\/index.php\/wp-json\/wp\/v2\/categories?post=256"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/entropyeconomics.com\/index.php\/wp-json\/wp\/v2\/tags?post=256"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}