Is the Money Supply Going Off Path?

Jeffrey Toobin: Money supply transvered off path several years ago. He says it wasn't m two so much as the s and l crisis. The economy never did fall into a depression because there were other forms of money in the real economy that were making up for this deficit, he says.Toobin: It's just that the fed, nor economist, nor anybody else around the world had any idea what it was, or how much it was,. And nobody said, well, m two's falling off. Let's develop a realistic m three, or m four, or l or something else.