The Fed's Dual Mandate to Prevent Recessions

The Fed has taken upon themselves to say we're supposed to prevent recessions. And it comes back to this firefighter analogy right imagine I think we learned through fires in the United States that trying to prevent off worse fires is a really bad idea. The consequence of going 20 years with one down year basically or 18 years with onedown year has taught people not to be prepared, not to save and speculation is fine. A lot of people thought they were saving and they were actually speculating. So these are all sort of the subtle and pernicious consequences of the policies that the Fed and the other central banks have pursued where they've tried to ensure permanent prosperity.