The Fed Should Start Buying Common Stocks

David Frum: Larry Summers floated that the Fed should in the future perhaps start buying common stocks. He says it's an idea any economist worth his salt, including all of his famous ancestors 20 years ago, would have never contemplated for a moment. Frum: I think what has happened is that they have encouraged policy to pursue a path that essentially has led to a dead end because the predicate was wrong.

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