- Fed rate cut in 2008 didn’t heed lesson from Japan
- 2008 unwittingly committed Fed to extremely long period of near zero rates with unknown consequences
- No evidence that faster economic recovery results from quickly lowering interest rates to near zero
The rate cuts of early 2008 evidently did little to prevent the financial panic and may have exacerbated the situation to some degree
James Bullard in Arkansas bemoaning letting the genie out of the bottle.
