ABSTRACT
The Fed's performance has been disappointing at every stage of its existence, to the point that the doubling of the price level the last quarter-century is considered a triumph. These diminished inflation expectations have been accompanied by increasing financial instability and bailouts culminating in the agency's massive and aberrant fiscal intrusions during the Great Recession. Some of these repeated its errors of the Great Depression, demonstrating once again the Fed's inability to learn from its mistakes because its remote and independent (of the taxpayers) position of the insulation of the consequences of its actions.
