The Economic Recovery Plan

This is a great piece from the American Spectator.  Click here to read the full article.

The financial panic gripping America right now, and threatening to throw the entire economy into a serious tailspin, was not caused by corruption on Wall Street, deregulation, free market economic philosophy, the 1999 repeal of the outdated, 1930s Glass-Steagall Act, or any of the other far left talking points advanced by the Obama campaign.

The root of the problem began with bad, mismanaged monetary policy by the Fed. Earlier this decade, the Fed overexpanded money and credit, reflected in historically low interest rates for far too long. This began a classic boom and bust business cycle, concentrated mostly in the housing bubble that crested with ridiculously high housing prices a couple of years ago. When that bubble burst, housing prices began to tumble.

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