Comments about ‘George F. Will: Federal Reserve's policies have failed Americans from the start’

"We're at the limits of our understanding of how monetary policy affects the economy."

Isn't it great that we give these elite and brilliant people so much power? Centrally-controlled economies are awesome! Except when they're not.

"Ambiguity, he says, breeds expectations that the Fed will act as rescuer, and these expectations are incentives for risk-taking...."

Expectations such as these are what destroyed the housing market. Past bailouts and implied promises of taxpayer backing had created these expectations, which led to risky behavior, which led to collapse. Can we not learn something from this? Why must we go on repeating the same mistakes?

Actually the great recession came about because of regulation changes and a lot of dishonest lenders, realtors and buyers. The culprit is greed, not "expectations".

Lets look at the Federal Reserve in a more specific light.

The Federal Reserve was designed and created in 1913 with the specific mission to handle monetary policy to prevent future recessions and depressions. How many recessions have we had over the past 100 years? The system is a failure and has grown beyond its original intended purpose. Why continue with it?

@dobberdobber "The culprit is greed, not 'expectations'."

Greedy people don't just throw away money. In this case, they were led to believe that they could take foolish risks and still not lose anything, because the taxpayers would have their backs. Federal Reserve and government policies played a role in setting these expectations.