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He advocated a tight money policy to fight inflation and tax-rate reductions to stimulate growth.
In the 1930s, the Fed's tight money policy compounded the lack of credit and sent the country into the Depression.
He adds more soberly that both Berkshire and the country have benefited from the easy money policy.
A decade later, President George H. W. Bush blamed Alan Greenspan's tight money policy for his own defeat.
So the question there is what happens when the boost from the Federal Reserve's easy money policy is reduced next year?
And the rise in house prices on both sides of the Atlantic (and a closely connected surge in stock prices) shows that the "cheap money" policy is working.
Similar(20)
Its tight-money policy has brought inflation down from 268% in 1993 to single digits today.
By increasing its maturities the Treasury is essentially following a tight-money policy exactly when a loose-money policy is needed.Joe Gagnon voices his support for Mr Harless' views in the comments.
Ben Bernanke's loose-money policy is "treasonous," and Texans would "treat him pretty roughly" if he came to their state.
But the central bank is under political fire from the new government, which dislikes its tight-money policy.
Grover Cleveland for his hard-money policy, supporting instead the free-silver program of William Jennings Bryan.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com