It's the Fed' fault...

...says Anna Schwartz. Econ majors are likely to recognize her name as being on the cover of "A Monetary History of the United States," alongside Milton Friedman. Schwartz is still highly revered in monetary policymaking circles, so this condemnation may be more important to the ivory tower economists than readers of this blog might think at first. I doubt it will ultimately impact anyone's (read, "Bernanke & CO.'s") decision about what to do, but it won't go unnoticed either. A quote:

"There never would have been a sub-prime mortgage crisis if the Fed had been alert."

HT: Greg Mankiw