Monday, November 14, 2011
Cain: "Fed focused on price stability from 1914 to 2000;" Fact: 1914-1977
(GoinsReport.com) -- In mid-October, former Federal Reserve chairman Herman Cain mistakenly said that the Federal Reserve focused on price stability alone for a little more than three quarters of the 20th century, although by law the dual mandate law didn't come into effect until the late 1970s.
Update: The Fed didn't actually do a good job of focusing on price stability as the high inflation in the 70s attest.
Our text for Sunday School (also "The Confession of Faith and Catechisms") Biblical Theology Bites What is "Biblical Theology...