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.