(Full disclosure: I used to work for the Federal Reserve.)
Yeah, Harry, Cruz and Paul made some decent points on the Fed. Both expressed concern about quantitative easing (QE), a concern shared by many mainstream economists. It’s not clear exactly what QE accomplished. Paul, in turn, fairly pointed out that the Fed’s policies may have contributed to rising income inequality.
But some of their points were way off. Cruz, for example, decried rising inflation. Inflation? What inflation? The year-over-year change in the consumer price index (CPI) was basically zero in September. The problem with inflation, if there is one, is that it’s been too low.
