February 5, 2012 1:55 AM

Commentary: Federal Reserve deserves closer scrutiny

Breaking news: When it came to the collapse of the bubble that touched off the 2008 meltdown of the U.S. economy, the Federal Reserve was a placid herd of clueless blockheads. Less than two years before the housing market turned kamikaze, Fed officials were gathering around conference rooms congratulating one another on what a genius job they were doing managing the economy.

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