One cannot watch the news these days without being reminded of two things: The economy is in recession and Barack Obama will soon be President. One cannot listen to the latter without hearing that he will do everything he can to save us from the former. Can he, however, actually do this? Commentators and various politicians believe he can. At least they believe the government, which he will soon lead, has the power to do so. The Federal Reserve has preempted the president-elect with an expansionary monetary policy via artificially low interest rates and the purchasing of private assets. Obama … Continue reading Has a Stimulus Ever Been Necessary?