Oops, Our Bad. Sorry.
I thought this was pretty funny, via TJIC. The Fed apologizes for the Great Depression:
Ben Shalom Bernanke (born December 13, 1953)"¦ is an American
macroeconomist who is the current Chairman of the Board of Governors of
the United States Federal Reserve ("the Fed")"¦On Milton Friedman's Ninetieth Birthday, Nov. 8, 2002 he
stated: "Let me end my talk by abusing slightly my status as an
official representative of the Federal Reserve. I would like to say to
Milton and Rose: Regarding the Great Depression. You're right, we did
it. We're very sorry. But thanks to you, we won't do it again.""¦
The quote is from Wikipedia, so I take it with a huge grain of salt. Anyone have a link to another source, because the quote is pretty funny. Good to see the government take responsibility for the economic messes it creates, even if 75 years late. Of course, 75 years after the Hawley-Smoot tariffs helped throw a recession into the Great Depression, Congress is about to launch us down the same protectionist path, so don't give the feds too much credit.
Randomscrub:
http://www.federalreserve.gov./boarddocs/speeches/2002/20021108/default.htm
Enjoy! I just watched the PBS biography on Friedman, and it wasn't half bad.
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