Anna Schwartz, still lucid

AE-P interviews Anna Schwarts in The Sunday Telegraph, mentioning two points often discussed here.

There never would have been a sub-prime mortgage crisis if the Fed had been alert. This is something Alan Greenspan must answer for

The October 1929 crash did not cause the slump, it was merely a vivid detail. The US economy muddled through for another year, seemingly sound. Then it buckled as rising defaults in the farm belt set off a run on local banks.

As Steve Horwitz says, hair of the dog is not a good idea for monetary policy